Foreclosures Help Information

Archive for the ‘Foreclosed Homes’ Category

Foreclosed Beach Houses

Question: Renter and A Foreclosed House: What are my rights?

just moved into a house (2 days ago) in Florida and that same day some suspicious papers came addressed to the landlord from some attorneys. I called the real estate agent who rented me the house to express my concerns and she suggested I look in the public records for Palm Beach County for a Lis Pendens. Sure enough, there was a Lis Pendens filed on May 28 2008 for the house. I just paid my first month's rent and signed the lease. The real estate agency claims no knowledge of the foreclosure. Their only comment was that if the foreclosure goes through, I no longer have to pay the rent and can just wait until the foreclosing bank asks me to vacate. What are my legal rights in this situation? Any help would be greatly appreciated. Thanks in advance!

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Answer: Obviously the owner did not pay his mortgage with your rent payment and the lender does not know about your existence. Ask the Realtor to find out which lender is it and send them a letter stating that you're now renting the place and paying rent with a copy of your lease. The lender will notify you when will you start paying rent directly to them cos' the lender may garnish the rent in some point but not the owner's wages. Of course, they would have to collect the money legally through a court process. Besides, the lender may just foreclose and evict without negotiation.

Episode #10 - Foreclosure in Bay Point for $70/foot

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Foreclosed Mobile Homes

Question: I'm upside down on a mobile home, but moving onward and upward, regardless...?

I live in a Mobile home in PA. I'm upside down on the loan (29K balance - sell maybe for 10-12K, if park allows).. I am buying a home with my fiance, will be closing in about a month, once that transaction is final, I will be disposing of said mobile home one way or another... Two lawyers officially told me if I walk away and they foreclose, wait a month or two after foreclosure and get married, then any judgement becomes unenforceable, leaving only my credit to suffer... is this really true, it feels wrong? What would be the tax implications? Also, what about quick options such as short sale or deed in lieu? Tax implications there as well? I would hate to work out a deal with the mortgage co. for 25% and then get stuck with a tax liability next year for the rest... I will not spend any money trying to sell or fix up, but will pay the park rent till disposal to avoid problems there........ any wisdom out there?

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Answer: Do whatever lets you sleep at night. If it feels wrong to you then it is.

Mobile home loans and foreclosure loans

Baltimore Foreclosed Homes

Question: What are the particulars on buying homes that have foreclosed?

What actually happens when a foreclosed home is purchased. is it better to buy a foreclosed as apposed to buying a home under regular circumstances. what are the advanatges and disadvantages. I own a home in baltimore county md.

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Answer: The banks and lenders are more motivated to deal as opposed to the actual homeowners. They are more apt to do a short sale, fix the house up or offer a loan incentive. Lenders are in the money business not the real estate business. Homeowners take everything to personal lenders look at the bottom line. There could be new laws coming requiring lenders to keep up the foreclosed houses or face fines, that will motivate them even more to get rid of them. Just ask the lenders for a list of their REO's (real estate owned)

Acorn spokesperson defends breaking into Foreclosed homes.