Upcoming Foreclosures

Can I quit claim property back to lender who refuses to finish the foreclosure procedure? without going into the sordid details how i acquired a over priced slum house, I want to know if there is any problems quit claming the property back to the lender. The lender started foreclosure procedure and promptly stopped. Actually they got the judge to rescind the decree. I called the attorneys representing the lender why and they couldnt answer. I told them I would be happy to deed the property back to the lender but they told me they talked to the lender and they do not want to go forward and finish the foreclosure. It's been almost 2 years since i paid any mortgage payments! The attorney believes the lender doesnt want this crap property on their hands with the maintenance and the headaches that comes with it. I dont want it. the city keeps sending me hate mail to mow the lawn and clean it up from the crackheads. I have done this already and don't want to do this forever. No one wants the property I can even give it away. So can I quit claim it back to the lender.

My property is in Lender's foreclosure on May 11 - do I still need to pay/worry on paying the Property Tax? Since I don't have ther money to pay for DECEMBER 2006 - FEB 2007 - Property Tax Bill.

If my rental property goes into foreclosure can the lender go after my primary residence or other assets?

on a short sale property can a lender carry financing? In dealing with a lender on a property that the present owner is about to lose the property to foreclosure, can a lender work with another buyer and let them put the new financing on the property? Just a transfer of the property to you and have you make payments on the property? How do you see this best to be done?

i want to buy a foreclosure property forclosed on by a 2nd mortgage lender.If I become the highest bider what? is gonna happen to me? Did I buy the property along with the debt owned to the first lender?

If one of my properties goes into foreclosure, will the lender who forecloses, go after my other 2 properties? I have 3 properties, 2 rentals and one primary residence. One of my rentals is about to go into foreclosure. I have tried to sell it as I can't get the rent for the mortgage anymore, and it's been on the market for 6 months even after several price reductions. Now I can't afford to pay for that empty house and have tried all i can to sell. If i foreclose on this property, will the lender take my other properties away too?

I am on the deed to a property but not the loan. Can the lender sue me. Property is in foreclosure.? I am going through a divorce and my ex is a deadbeat. He is not paying any mortgages and refused to give me the mortgage information so that I could pay the mortgages. The properties are all going in to foreclosure and I got a notice to appear in court. I am not financially responsible because I am not on the note so why do I have to go to court?

I am going into foreclosure. A private lender has a 2nd mortgage on my property. What will happen to that? Multi unit property has a recorded 2nd mortgage of 22k on it from a private individual. If the property gets foreclosed on, will I still be required to satisfy it? What is the lender accepts a short sale? WIll I be required to pay the 2nd mortgage then?

I have a foreclosure in CA. Will it affect my other properties? Or will the lender put lien on my other prop? My sister lives in SD, CA and she used my name to purchase a home there. It's been two years since we bought it and the house still has NO equity due to bad market. The two-year prepay penalty was over and she can't keep up the payment anymore because the mortgage payment have increased. We were unable to refinance it because of no equity. It has two mortgages and the 1st lender already reported on my credit a 'foreclosure". 2nd lender not reported it yet..pretty soon too I guess. I also have two properties for myself. One is for my primary residence and the other one is a rental property. I would like to know if the foreclosure will affect my other properties such as 2 house, cars, and 401k? Will the lender put lien on any of this? My realtor tried to short sale it. We had two offers but the 2nd lender refused it. I received a letter that it will be on bidding last Feb 20. As of now, I still don't receive any papers from them saying that they are taking back the property. We purchased it for $535,000 and the offer we got was $420,000 and $445,000. In case the bank sold it for less than what I owed, will i be responsible for the difference?

Is it good for a sellers Lender to sell the house in short sale or move it to foreclosure ? I had put an offer for a short sale home and the sellers bankers(they have 2 mortgages). Not sure as if the lenders will accept the offer or not. 1)As far as lender is concerned does it make sense to accept OFFER during the short sale or move the property to foreclosure ? 2) Where do lenders make money ? or anything good for them

does a lender incure tax implications when taking back a property by deed in lieu of foreclosure?

Does lenders make fast decision on OFFERS on a foreclosure property compared to short sale ? Does lenders make fast decision on OFFERS on a foreclosure property compared to short sale ? How long do they take ?

is arizona a no fault state, as far as a lender pursuing me if my property goes to foreclosure?

How do I claim (back) property taxes we paid on a foreclosure? We purchased a foreclosure in November of 2008. We paid substantial back property taxes on the new home. We did not receive a 1098 form for this portion of our property taxes. Our lender is saying to use our HUD statement to show the back taxes. I'm afraid the IRS does not have records we paid those taxes. How do I file to reflect this payment we made?

Does a lender have the right to change locks on a property where the loan is default but not in foreclosure?

Forelosure property in Florida but I am a CA resident. Can lender obtain a Deficiency Judgement against me? I am having a property in foreclosure process in Florida. I heard that in FL the lender can obtain a Deficiency Judgement. That means they can go after me for the loss of the sale. However, I am actually a CA resident. Can they still obtain the Deficiency Judgement? if Yes, how far they can go after me in that case? Thank you

My lender is threatning foreclosure on my home. If I transfer my property to a trust, will that save my home?

How do I stop foreclosure on my property? How do I stop foreclosure on my home/shop? I live in a metal building and have 33 acres and have been unemployed over 1yr. My lender is calling the note in 18 days no one will lend to me because the building has more storage area2/3 than living1/3 will not meet requirements for home loan and if it did the property would be worth more than the home to get home loan.

Can a mortgage company evict a tenant of a property that has gone into foreclosure without a 30 day notice? I have been renting the home I am in for 2 years. I have learned from my property manager that the landlord has filed for BK and there lender is going to foreclose soon. If the lender takes over the property, can the lender demand that we vacate the property or do we have 30 days? Also I have been told that if the lender serves an eviction notice to us, they can attach this information to our credit report. Is this true?

does a mortgage merge into a fee when the lender acquires a property? I don't mean in a foreclosure, but if a borrower were to sell the property that has the lender's mortgage on it to the lender would the mortgage disappear automatically or does a deed of reconveyance technically still have to be filed?

Can a lender agreeing to short sale keep you out of foreclosure? My coworker is in short sale with his lender. I am familiar with the Mortgage Debt Relief Act of 2007, but I don't know if he is in short sale trying to sell the property, if the bank can foreclosure in the process. He is about 2 months behind on the notes. He has about 20 more days before he'll be 3 months. Does the fact that he is in short sale agreement with the lender keep him from foreclosing? I told him it is better if he can get the short sale to occur rather than foreclosing.

if i purchase a tax foreclosure property in a county auction what happens ifit still has a mortage? tax deliquent propertys are suppose to be free and clear... what happen if i purchase a house in a county auction thats owes 10 thousand in taxes but it still has a mortgage left on it ? wouldn't the original lender (bank) of the house intervened first before the county?

Is anyone here has experienced Property Foreclosure? How would you know that the lender has 'forgiven- the-debt' - Do you automatically need to do 1099-C even if you don't know if the lender submitted 1099-A to the IRS?

Will mortgage companies come after the lender in the event of a foreclosure? If I foreclose on rental properties, will the lender always come after me? Due to the downturn in the marketplace, I am struggling to make payments. What are my options? Yes, I am the borrower and the question should state "If the lender forecloses due to lack of payments..." So it sounds like even after foreclosure where the lender repo the property, they will still come after the difference in price of property and loan amount. Correct?

Is it possible to get a home loan to buy a foreclosure property? And if so, would banmks or lenders let you borrow additional money to fix it up and make it livable?

Can I get a Hard Money loan & then Refinance Mortgage on a foreclosure property? And How do i go about it? I took a brief real estate class and i remember the general discussion of hard money lenders and how they give you a large sum for a short time for things of this nature. I'm thinking about getting my first home but have limited funds and thought of this as an alternative.

is it best to do a deed in leiu of foreclosure with the lenders on a preforeclosure mortgage ? I have a commercial property that is now in default and faceing foreclosure. I made a payment arrangement with the lenders, made the initial downpayment of $9,000, but can't seem to come up with the monthly prepayment arrangement of $4,000 for six months. is it a good Idea to offer the property to the lender with a deed in leiu of foreclosure ?? and will this be better on my credit rateing ?? overwhelmed with stress.

IF you had a foreclosure on a house and still owed the lender an amount for it....? IF you had a foreclosure on a house and still owed the lender an amount for it....would they take what they can from your tax return? Or is the note I got, just a note for us to take to the tax place when we file. It says it is an acquisition or abandonment of Secured property.

Can a lender select a buyer of his choice before foreclosure of a loan? We have got documentary evidence to prove that the lender's asset realisation officer and our real estate agent were colluding to sell our home to a phantom buyer. After feeling suspicious, we enlisted another agent and he managed to get a buyer with a higher price. The lender's officer initially allowed the sale to go through but back-flipped after the first real estate agent informed the lender's officer that I would be given the option of a lease-back by the other agent's buyer, which I could ill-afford. The lender's officer forced me to sell to the phantom buyer with a promise of a 'loan' (approximate value $100 000.00) for settlement purposes only. The advance or 'loan' would be recovered from me after settlement. If I did not agree to their shrewd plan, the lender's officer would foreclose on our property and arrange for a mortgagee in possession (mip) sale. They very well know that I have no money to engage a good lawyer to sue them for damages (financial and mental). Initially our auction was sabotaged. Agent forced me to sell to phantom buyer, far below market price. I told agent, if I could not get my price, I could refinance. A week after, I was black-listed by the officer, blocking this opportunity.. The officer sent a valuer, agent influenced valuer to lower price of property, thus diminishing equity. Agent said no one was interested in my property except the phantom buyer. I managed to get a document, showing the officer asking agent to oversee my eviction and also keep the keys in the agent's office. Also, I managed to get hold of an exclusive auction agency agreement signed by the agent, ready to be executed by the lender's officer. My lender is a huge organisation, not a one-man operation. The agent and lender's officer had built a good rapport. Eventually, I managed to refinance with lenders of the last resort with high rates, caused by my first ever bad credit rating. It was listed with intent by the officer to corner me.

foreclosure property appliances removal? My friend's house will be foreclosed next week. She is thinking to remove all kitchen appliances to her father's house. Will the foreclose lender go after her for those removed appliances, or the lender don't care about. Or the lender call police.

I am a Property manager at this apartment going on foreclosure next December 2nd, what could happen? In the event of foreclosure , do the bank will continue on or utilities will be shut -off ?? WAMU is the lender.

Lender says PMI company won't allow for a deed in lieu if property is vacant? We've moved from Michigan and we have a home there that is now considered vacant and most likely will be going into foreclosure. After speaking to loss mitigation the guy is stating that they can't accept a deed in lieu of foreclosure because the PMI company has some issue with vacant property. The lender is pushing that we seek out a short sale. Is he just saying this because the bank doesn't want to own and market the property?

Settling a deficiency judgement after foreclosure on an investment property? If a lender comes after you for a deficiency judgement, can you pay it off in monthly payments over like 20 years or is the entire amount due as a lump sum? Also, I do have a personal residence. How would this factor in? Thanks so much!!

How to get foreclosure listings from lenders? I am a new real estate agent and I want to find out how to hook up with lenders such as wamu or countrywide to get the foreclosure properties listed. Any help will be appreciated. Thank you!

Legal term for surrendering real estate back to the lender? It is an agreement between the mortgager and mortgagee to surrender the property back to the lender (not foreclosure) - just cant remember - thanks!

Question about selling a property without going through shortsale/foreclosure? My friend wants to sell her house but doesn't want to ruin her credit. She still owes about $ 200 k but the market sells for only about $ 130K. If she sells for $ 130 K what's going to happen to the rest of the money she owes to the lender ? can she be forgiven ? or she won't be able to sell unless the lender gets paid in full ?

Mortgage Lender, 1098 documents, Foreclosure? Is my mortgage lender required to send me a copy of a 1098 if my property in in foreclosure? I'm not sure if I hit the minimum for interest before I quit making payments (the year before the 1098 was for $1300, and I quit paying in June, so it's borderline). Also, the mortgage lender has been calling me for the past few days out of the blue. I've been advised against speaking with them, so I have no idea if that's why they are calling. They shut down my online account, so I can't get it that way either. Any advice? The company has definitely been advised I would be making no more payments, trust me, the calls did not stop. I tried to do a short sale with no luck and even offered to do a deed in lieu of foreclosure. When the collectors started to get personal, I reported them and quit taking the calls on the advice of a credit counselor. They haven't called me for a long time, which is why I'm wondering if this has to do with taxes. I guess I'll see what the tax guy has to say about whether or not I need to doc to take the deductions.

My neighbor lost her condominium to foreclosure. The lender's people broke into my condominium. What recourse ? I live in San Jose, California. Last month, my next door neighbor lost her condominium to foreclosure. Today, aome thugs without identification who said they worked for the lender broke into my condominium by mistake and took all of my furniture, appliances, clothing and personal belongings. I told these thugs that they were on the wrong property but they threatened me and said that the lender had told them to clean out the condomimium and dump everything. They just started taking my things. I called the San Jose Police Department, but the police office that I talked to on the phone said that the lender had the right to do that and warned me not to interfere with them. The Police officer did not seem to understand that it is not my property that was foreclosed and he did not seem to care. I told the Police Officer that my condominium is completely paid off and I do not even have a mortgage. How can a lender get away with this? How can the police be so unconcrened when a bunch of low life thugs hired by the lender break into the wrong property and threaten the owner and steal all of my belongings? Some of my belongings have great sentimental value and cannot be replaced. Some of the items they took were small things made by my children many years ago. I treasure these items though they have no monetary value. Also, who is supposed to pay to replace my furniture, clothing and appliances that they stole? I cannot afford to go out and buy all new furniture, appliances and clothing. I barely get by on Social Security as it is. I have tried contacting the lender but all I get is a recording or a salesman who wants to try to get me to refinance. I do not even have the lender's address. They are apparently located outside of The State of California and do not even have a local office where I can go in and talk to a manager. What recourse do I have? What can I do about this?

How long after foreclosure before you receive a 1099? My house was foreclosed on in October 2009 in Maryland. At the foreclosure sell at the court house there were no bids on the house. I received papers from the court ratifying foreclosure in December 2009. The lender listed the property with a real-estate agent in October and sold the house. The new owners closed on the property January 19, 2010. How long after the foreclosure before I receive a 1099?

Why would a mortgage lender (bank) decide not to foreclose and charge-off a property instead? Have a friend who's home was due to be sheriff sold this week. She received foreclosure papers in April. Today she receives a call from the bank and they have now decided to not foreclose on the property and told her that they are going to charge it off. How does that get it out of her name, and why when loans are FDIC would it have not been in the better interest of the bank to sheriff sale the home than to charge it off. Will the charge-off of the home hurt my friend more than if it had foreclosed?

What are the IRS tax implications of a short sale and a foreclosure? If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure? Please don't answer if you are just guessing - I can do that on my own ;-)

Why does Lenders prefer FORECLOSURE instead of SHORT SALE ? Example:- There is a short sale property listed for $250K and I had put an offer for $220K. Most of the properties in that area are listed for $265K and I am sure they might be selling between $225-$240K. Now this property has 2 mortgages ( 1st $265K - 2nd 35K) and I am sure one of the lender will have to loose 100% or may be they both negotiate as how what piece of cake each one will get. 1) Why does a Lender move a short sale property to foreclosure ? What are the benefits for him ? 2) Does Lenders get more money for a foreclosure property ? How do they get more, lets say the same above property if they move from short sale to foreclosure, why would someone pay more for the same property ? 3) Does lenders make fast decision on foreclosure homes compared to Short sale properties ?

Can foreclosure of 2nd home, affects my own samll business? I had purchased 2nd home, facing foreclosure, can lender go after my own business, for the differents from the loan $ and property sales $?

if you give the deed back to the lender, would you have to pay property taxes? My fiance and i are able to afford our house but not with comfort. we are looking into foreclosing and found their might be an option of "deed in lieu of foreclosure" where the lender takes it back

Can you buy a property (cash) after foreclosure ? lender just foreclosed on one of my properties because they don't want to negotiate on a loan that i owe at least $ 150,000 more than the current value. so ( i had 3) now i only have 2. there's one that I'd like to buy out of my 401 K, cash.

Refund from Lender After REO Property Sale? after losing my home in foreclosure,the lender took possession of my home after the Public Auction failed to attract any bids for the $386K mortgage debt owed.After some routine refurbishing (new carpet,paint and new appliances) the home was placed on the market for $430K and was sold after a few weeks. Assuming the bank made some profit, am I entitled to any portion of thier profit? If so,are they required to notify me of such monies owed to me or will I need to involve an atty in order to assert my rights accordingly?

Foreclosure and Lender recourse? My fathers house is going into foreclosure in California. He has a 1st of $375k and a 2nd Heloc of $50k. He received these two loans after a refi in 6/07. The refi only left him to receive $5k cash out that was all that was left in the Heloc the rest was used up in the loan itself and when back to pay the bank. Both loans are with the same lender. I know in Calif. there is a law that says the bank cannot put a judgement against you if it is your primary residence. Do does that mean that the only recourse they have is to use the property to satisfy the date?

What is the tax liability if an property through foreclosure is lost. For example:? Cost basis is 50k the loan on property is 50k but lender foreclosed for 55k because of interest owed and attorney costs. Is taxes owed on 55k? This is a bazaar situation since the bank got the property back hasn't the owner lost a 50,000 dollar asset?? Isnt there a loss and a taxable gain here. I am confused my friend thinks he is going to owe a lot of money when he received no cash in hand and never got paid in the first place? By the way for this example assume the owner held the property for more than one year.

two house, primary in foreclosure, same lender? WE LIVE IN NEVADA. MY PRIMARY HOUSE WILL PROBABLY GO SOON IN FORECLOSURE. BOUGHT IT IN 2004. LATER WE REFINANCED IT WITH CASH OUT WHICH WE USED FOR IMPROVEMENTS, POOL, ETC. THE NEW LOAN WAS INTEREST ONLY, 30 YEAR. AFTER MY HUSBAND ACCIDENT IN 2008 EVERYTHING WENT DOWN THE HILL. WE HAVE A 2ND SMALLER HOUSE, THAT WAS OUR PRIMARY HOUSE BEFORE 2004. WHEN WE MOVED TO THE HOUSE #1, WE RENTED HOUSE #2,... UNTIL 3 MONTH AGO. IF OUR PRIMARY HOUSE FORECLOSES, WE' LL MOVE TO THE 2ND HOUSE. THE LOAN IN THIS ONE ES FIXED, 30 YEARS, WE KEEP UP WITH THE PAYMENTS. NO PROBLEMS. LAST WEEK WE FOUND OUT THAT THE LENDER OF HOME #1, (ACTUAL PRIMARY AND IN TROUBLE) NOW IS THE NEW OWNER OF THE LOAN ON HOUSE #2. I WONDER IF THEY CAN PUT A LIEN IN THIS OTHER PROPERTY. WE ARE DESPERATELY, PLEASE ADVISE, SUE

Can a lender foreclose on a second lien if the first lien is current? The liens are with two different companies, and the property is currently under value because of the real estate market in our area. The second lender would not profit if the property was sold in foreclosure.

When buying a house at a foreclosure auction, do you become responsible for previously unpaid property taxes? Ok, so I have a little extra cash laying around, and after doing some research I have decided that I am going to attend a foreclosure auction and purchase a house, simply because you can get them for a little bit cheaper than on the open market. When these houses are foreclosed upon by each homeowners specific lender, I would guess a majority of homeowners stop paying their property taxes. My question is, does that lender become responsbile for paying those previously unpaid property taxes, or does the lender just leave the unpaid property taxes alone and then whoever buys the house at the foreclosure auction from the lender become responsible for the previously unpaid property taxes? I have no problem paying the auction price of what's left of the mortgage, but the hidden costs, things such previously unpaid property taxes, are the things that scare me about purchasing at foreclosure auctions. Anyone with any expertise in this area with advice would be appreciated. Thanks.

Can a mortgage lender pursue an owner that is not on mortgage for a deficiency balance? I purchased a residential investment property in Florida with my former boss. The mortgage is in his name only but I am also on the deed. He wants to let it go to foreclosure. Can the lender come after me for the deficiency balance. Will the foreclosure show on my credit?

What are the consequences of letting a property foreclose? Assuming I live in NH and an investment property I own i stop paying mortgage payments on What will happen? How long until the property goes into foreclosure? If my credit score is about 700 what will it be after? Most importantly how long will it blemish my Credit Report? I have been hearing everything from 2-7 years. So which is it? Will the lender write off the loss or sue me for the difference owed compared to the amount received through auction? This is all of course in theory....no one would want to purposely do this...right?

The borrower's Deed in Lieu request and the lender's Notice of Foreclosure crossed in the mail - what happens? The borrower sent an application package for Deed in Lieu of Foreclosure at the same time that the lender filed a suit for foreclosure. Both were done before the other was received by either. Does the liklihood of the lender considering or accepting the DIL change now that a foreclosure suit has been filed with the court? The borrower has a complaint against the original mortgage broker pending with the state licensing department (Florida DBPR) for issues of fraud and deception. Could this have any affect on the foreclosure proceess? What other options would you suggest to the borrower when the mortgages equal $330K but the value of the property has fallen to $260K? And short sale won't work - the property has been listed at market value for 5 months with no actual viewings and only 3 no-shows. Clarification: Preliminary response from state investigator indicates that the complaint against the broker is valid and that the broker engaged in unethical and/or illegal activity in conducting the transaction.

Foreclosure Prevention Methods - Can the owner do a short sale on their own property? If some lenders are willing to take less from an outside investor, would they consider doing this directly from the owner? Possibly taking less for the home and refinancing it for the owner? We have not started foreclosure. In the last 6 months we have negotiated missing one payment and repaying another over 6 months. The mortgage has not been 1x30 as of recently, but was 1x30 about 6 months ago. Forgot to mention, yes we would like to keep the house and there is about 10-15% equity. Selling would not work, since hard prepay is very high, plus agent fees and other fess.

Losing condo to foreclosure, it got vandalized and flooded, do I have to mitigate the amount of damages or? I just tried to do a short sale but my 2nd mortgage lender wouldn't accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged. If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism? Could I be liable for damage to the neighbors property from the water seaping into their walls? Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss? No insurance, not investment property, the property has been secured. The flooding was due to the vandalism, someone went into the property, plugged up all sinks and turned on the water. It was apparently on for days. I just found out since I live somewhere else now. A police report was filed but it was by the HOA, I have to order a copy in the mail. I know the water has been turned off but the place has been soaked for days. The upstairs soaked the floors so much that caused damage to the downstairs ceiling. It is just awful, so I hear. I think finding a real estate attorney is a good idea, I will likely oblige. I have a bankruptcy attorney in the family that has been trying to help me (a little) but I should probably find someone that specializes in real estate. The 2nd mortgage is for $85k, and I have $0. No choice but to foreclose if they refused to take the short sale offer.

My home went up for a Trustee sale (Foreclosure) today and no one showed up from the lender or atty-now what? My home was schedule for a Trustee's Sale today. However, no one from the lender or trustee's (attorney's) office showed up to conduct the sale. I had cancelled my insurance and utilities effective tomorrow. Now what??? The property is in Virginia. It was published in the newspaper and was on the Trustee's website. Help!! I can't reach anyone from the attorney's office and the lender says that is who I need to speak with. Any comments or suggestions are greatly appreciated. (No smart-a** answers either, please) The sale was supposed to happen on the Court House steps. I spoke to the attorney's (trustee) office this morning and all was a "GO". Due to family health issues, I am unable to save the house. I was never formally "served" papers about the sale as I am now 1000 miles from the property. No letters were even forwarded from my old address. It just seems like they screwed something up and are trying to fix things without letting me know. My main concern is that I cancelled the insurance since I thought the sale was going through today. I guess I should call tomorrow to reinstate the policy. What do you guys think?? I appreciate all of your responses. Thanks!

My investment property is facing foreclosure, will a Deed in Lieu help? I've heard that if you write to the lender requesting a Deed in Lieu and they honor that, that you can essentially give them back the property without owing anything and without going into foreclosure. However, we've gotten a letter from their attorney saying they are starting the Foreclosure process, although they have set a sale date yet. Is it too late to try to get the Deed in Lieu in place? Is that really how the Deed in Lieu works? Oh and we don't have an attorney. We can't afford the mortgage payments obviously, so if we could just give the property back and walk away, that would be best. And as I explained in a previous question, we didn't sell because we would have had to pay closing costs and all the bids we got would have been 50K-80K short of what we owe, which doesn't help at all. Oh but Laney, I don't really want the property as I can't afford it. This would be counter productive. DeeDee- thanks for the info. We don't have equity, we just bought it over 1 year ago and so have just been paying on principle alone. ugh! This is really going down hill.... but thanks again for the info, it is very helpful!

Two properties with Amtrust 1 foreclosure 1 not? I currently have two mortgages with Amtrust 1 property is in Florida (Investment) and other property is in Texas (primary residence). I am going into foreclosure with the investment property in Florida but not the property I have in Texas. Texas is my primary residence and the payments are current. Both are seperate mortgages with the same lender (Amtrust), can they put a lean on my Texas property or force me to sell that property? Can they sue me for the difference of the losses of the Florida property?

What are the Virginia laws in regards to foreclosures? Can the lender come after your other assets? I have an investment property that I can no longer make payments on and wanted to see if the lender can come after my salary, 401k, etc. in Virginia if I walk away from the house.

I have a property for 3 years and refinanced it last year. There has been some medical issues and work issues? that paying the monthly morgage has become difficult. Lender has given notice of possible foreclosure via quick claim to the lender due missed payments. Should I consider consulting a lawyer(which Icannot afford ) or just calling the lenders foreclosure specialist and do the quick claim. I dont intend of keeping the property anymore.

How long until a foreclosure hits the market? Our friends' neighbor is going to foreclose on his house (he has been gone for almost 2 months and already has skipped town). It is early in the foreclosure process because he just received his 2nd notice a few days ago. My girlfriend and I would like to buy the house because we think we can get a good deal on it and were wondering how long until this property hits the market as "lender owned"? Also, would we get a better deal by inquiring about the house now or if we waited until it was lender owned?

When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure? We are currently renting our home and hope to buy it in about 2 years. The owner is aware of our plans and has been very nice in working with us. Bankruptcy was just discharged and the foreclosure has just passed the "court date" stage, wheras the court allowed the lender to take the property.

Can you quit claim a property back to the bank who has the current mortgage on it? In my line of work, I was asked this question..borrower resides in a state where it takes nearly three years to complete an actual foreclosure even if the borrower files BK..borrower is still on deed until foreclosure is complete and although have no financial obligations ...remain responsible for upkeep and nuisance laws and can actually have a warrant issued for non compliance of upkeep...customer wants to know why he cannot just quit claim the property back to the lender and file it?

Trying to close on a "unique property" and lender doesn't like comps? We are trying to purchase a home that is a foreclosure. It is in a rural area. Our loan officer has given us pre-approval and everything...appraisal has been done and repairs made...re-appraisal went well and appraiser approved everything as good to go. Well the lender didn't like the comps that were submitted. Long story short, appraiser has revised his report so the comps would be a better comparison, and file has been submitted to a new lender. My LO feels confident that this deal WILL go through, but we are nervous wrecks waiting on the answer. Will this second lender know that the file had previously been submitted to another lender, and if so, will that affect their decision? What are the chances of approval based upon this information? How much should we trust our LO's opinion on whether or not we get final approval? She has been really great throughout this hellish process so far. Any thoughts, input welcome. One other thing - this is an FHA loan. Boyfriend's credit great, mine not so much. (we are unmarried at the moment) LO says all is well with credit, and remember we had a pre-approval with all supporting documents. Hope that's true!

Why would a prospective bidder at a foreclosure auction get qualified but never bid? I was at the real estate foreclosure auction this week down at my local county court house. The auction facilitator asked for perspective bidders to come forward and be qualified to bid on the next property. Several people came forward, showing their funds to the facilitator therefore becoming qualified. But when bidding actually started, nobody place a bid. The property reverted back to the lender. Why would those people step forward to be qualified but never actually place a bid? The bid price was announced before they asked for qualified bidders. So everyone who was getting qualified already knew the opening bid.

I am buying a foreclosure property and the bank/ower agreed to pay up to $10,000 as a closing cost credit.? They have refused to now pay certain closing costs including title insurance, state taxes, basically every charge not included between line 801 and 1107 of the HUD1. The contract language does not specifically spell out which charges can or can not be included. It states "...including but not limited to" loan origination fees, etc. "Purchaser will pay all remaining Purchaser's charges." How can the bank decide in the 11th hour they are not going to utilize the agreed closing cost credit? So far, their realtor, settlement company and my lender have never seen this happen to this extent! What can I do to get them to honor the agreement? If I don't settle, they can sue me and charge me a fine for every day I don't settle.

Could someone share their experiences with foreclosure? How it affect their lives.? If you have gone through foreclosure with your properties, how did it affect your lives and where, did the lender go after your assets, were you able to get a loan or credit cards? Did you regret what you did? I read a lot of advices to avoid foreclosre but would like hear from someone that had went through this hardship.

IF you had a foreclosure on a house and still owed the lender an amount for it....? IF you had a foreclosure on a house and still owed the lender an amount for it....would they take what they can from your tax return? Or is the note I got, just a note for us to take to the tax place when we file. It says it is an acquisition or abandonment of Secured property.

What are the effects of foreclosure in USA...? Hi, I am in a situation where the lenders will probably foreclose on my Florida condo (investment property) because I cannot pay the mortgage any longer. The problem is that the property is now worth less than the mortgages on it. I have a first mortgage of 400k and a second of 112k, and the property may only sell for 399k or so. My questions are: 1. What will be the effect of foreclosure on my credit record and how will that affect my ability to ever purchase another home? 2. If the lenders foreclose, can they come after me for the difference in what they get, and what was owed? Will they take my 401k savings (about 15k) and can they touch my primary residence in CA? If they foreclose, will I end up owing them the difference, or do they just "forgive" it? Many thanks, GN.

Is foreclosure the best solution? What happens when a property goes into foreclosure? My hands are tied with my house and I am stressed beyond measure trying to pay the mortgage. It continues to increase and will go even higher next month. It is really sucking me dry as I am not able to pay any bills but basic utility. I have tried to contact the lender about loan modification and sent in paper work this was in September. They finally called me about three weeks ago and stated that they had processed the papers but yet i have not received anything. I trusted a freind with this mortgage and she is just as crooked as the company. But it was my ignorance of the 100 percent financing with a 1rst and 2nd mortgage that got me into this mess. So what are my options, my credit looks terrible because if I pay my bills then I can't pay my mortgage. I feel as though I would be better off just letting it go.

Beneficial Finance - Is refinancing available on a existing mortgage which is through a "Private Lender"? The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a "Contract of Sale". Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family "issue(s)", one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual "Mortgage Company". Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company? Although, there's at least one good thing in our favior... Currently we have approx. 55k equity in the property. Please advise. Thank You.

deed in lieu - how long after giving to lender does the owner have to move? Working on ebook about foreclosure, I want to give as much detail as I can about the process. If you set up a Deed In Lieu for the lender as the borrower, how long do you have to get out of the property? Or is that part of the negotiation process when you set up the 'Deed I L"?? Hope that explains what I'm looking for!

one of my properties is going under foreclosure because of nonpayment. What can I do? i am six months behind. The lenders already told me it is under foreclosure. is there anything i can do to avoid this.? please help

What happens when a hotel goes into foreclosure? The owner has defaulted on his loan, and it will go up for auction in a few weeks. The owner loaned the money through a private lender, not a bank. What will happen to property at this time, will they shut the doors? If it does not sell in the auction will they keep it opened? It is scheduled to be sold at auction in a few weeks. The owner has defaulted on his mortgage, but apparently it was financed through a private lender. What will happen during the foreclosure? Will the hotel shut down, and if it doesn't sell at the auction, and it is not bank owned, will it continue to operate?

If I get married and husband forecloses on a home he owns now, can that affect my property? Fiance owns a home that has been for sale w/ a reputable realtor for over a year. I own a home-in my name only. If house doesn't sell in another 6 months, he's going to have to foreclose. We will be married by then. If we have seperate bank accounts and my home is in my name only, as a result of the foreclosure, can his mortgage lender put a lien on my house or do anything to my bank accounts? Thank you. I live in Ohio.

If a person has property in FL being foreclosed, does it affect other properties he owns in other states? If he has multiple properties under foreclosure in bubble states like AZ, NV, FL, can the lenders do anything about the person's primary residence in CA?

Can lender get a deficinecy judgement on my primary residence? I own2 properties and am going through foreclosure on one.

Contacting foreclosure owners? I'm looking at foreclosure properties that I drive by every day. Any idea on how to contact the owner, who is most likely a lender? Public records, internet, city hall? I don't know... I would likely have my lawyer handle this instead of getting an agent so I just want to talk to the owner/lender first to see if I can even begin to think about acquiring one of those properties. N.B.: There are no signs on the buildings. They're boarded up and I know Mayor Menino and the city of Boston have their eyes on some of them. Thanks for any tips.

Acquisition or abandonment of Secured property.Will it affect our tax return? IF you had a foreclosure on a house and still owed the lender an amount for it....would they take what they can from your tax return? Or is the note I got, just a note for us to take to the tax place when we file. It says it is an acquisition or abandonment of Secured property.

Mortgage Lender going bankrupt? I'm on the verge of purchasing land. I'm getting a good deal on price because the seller is 14 months delinquent on his payments and the property is about to go into the foreclosure process. The seller wants to avoid foreclosure and sell me the land instead. Yesterday I learned that his mortgage lender has gone bankrupt (not sure what the consequences are of this). So now I have to deal with a situation where the property is on the verge of foreclosure and the lender has gone bankrupt. Is it a good idea for me to proceed with this purchase? What are the risks?

Will a foreclosure show on my credit if I am not listed on mortgage? A former real estate partner and I are on the deed, the mortgage is in his name only. I received notice the lender is foreclosing the property. Will it affect my credit?