Foreclosures Help Information

Archive for April, 2009

Stop Foreclosure In Nevada

 Nevada again is on top of the foreclosure statistics, and I really don't feel the necessity of citing any sources. It is an open secret for quite sometime. Foreclosure is on the rise, and the tide has become uncontrollable especially in Nevada even after some phony good news. Even though I had written extensively in my other blog under "loan modification attorney of Nevada, I still I like to mention briefly here the tips to stop the foreclosure:

1. Please contact your lenders/servicers immediately. Don't wait for the notices to start appearing and posting in local newspapers. Contact them urgently. It is important. Most of the foreclosures are happening because of no or lack of communications.

2. Open a dialog and tell them your situation. Write down all the facts of your situation. Send them letter, and keep copies for your record.

3. Don't be frustrated with the process. It is obviously time consuming. There are lots of people ahead of you and banks are swamped with similar requests.

4. Most of the folks (newly hired) by your lenders and servicers are new folks, and learning the job as they go. Please be patient with them as they have no experiece, a customer service kind of education (meaning high school) and are not paid much ($10 an hour or so).

5. Make record of every phone calls, write down the name, phone extension etc of the person you spoke.

6. No need to lose your temper or frustration on any of the customer or loss mitigation representative. They have not caused this situation.

7. Send them whatever they want, resend the same things again. Don't make a big deal about their demands. They are swamped. Their fax machines are overworked and may be out of ink, or papers, or other technical issues. Remember they are human beings as well.

8.Try to call the rep by their first name more often than one time during conversation. Try to build a bond between you and him/herself. Yelling, screaming would be totally unproductive. No need to tell them the horror stories, they know enough already. Try to be brief, and not very legalistic. You are not an attorney, you are consumer. Ask yourself one question, why I am behind? How many months I am behind? Why did not I pay them? Afterall, you signed the contract as well. Please stop having over expectations. No one is deliberatly harming you. Accept the fact that you could be wrong also, and you had made mistakes as well. Now, let us sit back and read this wonderful article.

9. Once you have been denied, explore other options.

10. If nothing works, walk out graciously from your home without destroying anything. Maybe try to get a cash deal for "keys". Treat it as white elephant and balance your budget.

About the Author:

Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada

Source - How to Stop Foreclosure--General Tips

Stop Foreclosure in Reno, Nevada

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Government Tax Foreclosure Houses

Question: For foreclosure properties, can you tell me the steps of the process please?

For example, how is it determined whether house is owned by bank or government and whether… and how is it determined whether it goes on the market or to an auction… and where are the auctions held? If back taxes are owed, does the bank pay the city off? I am very curious as to how this process works.

If know any of these answers, will you reply please?

Thanks!

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Answer: Calling an agent is a great idea (I am a broker) but I think what you are looking for are tax sales and sheriff sales. These are typically posted at your local county court house. Go to the court house and ask at the assessment office, or tax claim. One or the other will send you where you want to go.

Financial institutions that hold mortgages on these properties will purchase the properties at auction and then they may put it with your local real estate agent. There are some deals to be had at this level.

Where you have to be careful is if you purchase a property that still has a lien on it meaning you buy it for back taxes but you are also buying the old mortgage too. This can happen at auction.

Good luck, make sure you do your research.

Real Estate Tax Foreclosures

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Jobs Cleaning Out Foreclosed Homes

Question: Banks paying homeowner to keep home clean after foreclosure?

Some time ago I came across an article about banks offering cash to homeowners being foreclosed on in return for a clean house.
Does anyone know how this works? Does the bank make the offer or must the homeowner make the call to the bank?

I am in no way condoning foreclosures or ways to get money out of it but there are good/honest people I am trying to help who are genuinely losing their homes due to job loss and this might help a bit.

Any info would be appreciated.

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Answer: I think you are referring to Cash for Keys. My experience with this was that once the property was foreclosed on, but was still occupied, the REO company would suggest that the occupants could receive an amount (typically it was between $1,000 - $1,500) to move in 2 - 3 weeks.

The REO company had a form for this purpose that the occupants would have to sign. I would then get the form to the REO company to process the Cash for Keys check.

The house had to be left broom clean, no fixtures could be removed, no personal belongings could be left behind.

On the appointed day, I (as listing agent for the REO company) would meet the occupants at the house. I would have to walk through and make sure it was in broom clean condition. Then I would turn over the check and take the keys.

I would have a locksmith there to change the keys to the property.

This allowed the REO company to take possession sooner than if there had to be an eviction. It would also save the cost of the eviction and a trash out, as well as have to replace fixtures that were many times removed from the property. (Like ceiling fans, overhead light fixtures, switch plates, faucets, even hinges - some people would take anything they could - even if it WAS nailed down.) Some owners would destroy carpets, flooring, walls. Not all, but some places truly were trashed out.

If you are the listing agent for the REO company, you can ask the company if they will do a Cash for Keys. It's not up to the occupants to ask, it's for the REO company to offer.

Good luck.

Big Money Trashing Out Foreclosed Homes

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