Foreclosures Help Information

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Stop Foreclosure California

Question: I have a court ordered judgment against me but if I file bankruptcy now, do I still have to pay?

My husband has a $20,000 hospital bill and in the state of California, the spouse is also responsible to foot the bill. So now, we have a court ordered judgment against us. Since our house is now in foreclosure I was planning on filing bankruptcy anyways. Will filing bankruptcy stop this court ordered judgment? If not, can they garnish my wages? -note, My husband lost his job and I am the sole provider for a family of 4

Answer: You need to consult a bankruptcy attorney, this is serious business. It makes sense to say that you can include that judgment in your bankruptcy but then again it is a court ordered judgment so I don’t know if they have ways of enforcing it.

Stop foreclosure avoid foreclosure in Orange County CA Part 2

Stop Foreclosure Fast

Question: Need Help Fast!!!!?

How can I stop a foreclosure??? my moms house is in foreclosure how can i stop that????

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Answer: There's no magic help: she can't pay for the house. Unless she can come up with some money and negotiate with the lender, there's nothing you can do.

Stop Foreclosure Fast! We Can Help You Save Your Home Now!

Steps Buying Foreclosure Home

Question: Anyone that has purchased a foreclosed home?

I’m trying to get my son and I into a home before my husband returns home from Iraq. Some of the homes we have looked at are foreclosures. I was just wanting to know from someone who has purchased one before, if there is anything special that is required? Like what would be our steps to go through if we were to buy a foreclosed home? Is it any different than buying any other home? Thanks to anyone that can help.

=)

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Answer: Your steps are pretty much the same as buying another property. If the home is REO and the bank now owns it due to the completion of the foreclosure process, then it will be listed with an agent. You, working with your buyer agent, submit a contract offer and wait for it to be accepted.

As another answerer mentioned, REOs are usually sold "AS-IS" with very few contingencies allowed. Your main contingency in your offer will be the home inspection. However, any issues you find in the inspection will usually not be repaired by the bank, but may allow you to withdraw your contract or amend your offer to reduce the price to accommodate. Nonetheless, you should try and evaluate as much about the condition as you can when you walk though the home prior to writing your contract.

Also, banks don't want to hold houses, so if you can offer a fast closing (30 days or less), they (and their agent) will be more motivated to accept your offer.

Arizona Foreclosure Law Deficiency

Redemption rights in foreclosure actually only come after the homeowner’s property is lost through judicial sale or foreclosure. The owner can redeem by paying the lender the outstanding principal and interest due, plus the lender’s costs in foreclosure. Once the home has been lost, some states allow the homeowner the right to “reclaim” his home for varying periods.

Because of the power the banks have for foreclosing, some states decided that that homeowners should likewise have the right to reclaim their home if their personal circumstances turnaround within a given time period. The homeowner will have to petition the court for a hearing to get his home back and show “proof of funds” that he is able to repurchase his home for what is owed plus all the associated costs of the foreclosure.

Proof of funds can either be cash in the bank or a pre-approved letter from another lender that is willing to fund his purchase. The new lender does not have to be a bank, but can be a “hard money lender” who will charge the homeowner a much higher interest rate and closing points and will only carry the loan for year or so.

These hard money lenders are sometimes called “predatory lenders”. The amount they will lend is based on the “quick sale” value of the property. That gives them an equity cushion in case they are forced to again foreclosure upon the property to recoup their loan money.

The homeowner who lives in one of the states that has long redemption periods, can solicit local hard money lenders or real estate investors to exercise his redemptive right if there is equity in the home that can be retrieved by fixing the property and selling it in the retail market.

These are called Equity Agreements and are common in the real estate business. Equity Agreements stipulate who gets how much of the proceeds from the sale, who pays what expenses and who will be dong the work. Remember, if it isn’t in writing in the Agreement, it isn’t going to happen. If you have a question, ask an attorney before you sign anything.

Here are the states that have no redemption period: Arizona, Connecticut, Delaware, Hawaii, Illinois, Iowa, Louisiana, Massachusetts, Mississippi, Montana, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, and Texas. While these sates have no redemption privileges, it is possible to bring legal action against the bank with regard to deficiencies in the foreclosure proceeding or mortgage irregularities. This is seldom worth the effort.

States that have one year redemptive rights include: Alabama, Idaho (either 6 or 12 months), Kansas, Kentucky, Maine, North Dakota (6 or 12 months), and Wisconsin (possibly to 12 months).

The other states vary greatly because of specific terms in the mortgage or deed of trust contracts but range from 10 days to 240 days. It is imperative that become familiar with your local foreclosure laws because they vary greatly from state to state, and the sale or auction practices vary from county to county.

About the Author:

Mark Walters is a third generation real estate investor and founder of
CreatingWealthClub.com
. For a limited time Mark is offering his big guide to finding hard money loans for real estate investing free.
Free guide to private money loans.
 
http://www.FindPrivateMoney.info

Article Source: ArticlesBase.com – Foreclosure Redemption Rights Explained

Stop Foreclosure Lawyer

Question: bankruptcy to save foreclosure in corpus christi,tx?

i am going to see a lawyer to try to stop my foreclosure tomorrow . my end date is july 3,2007. if i have loans that i am not the primary account holder do i need to take those to show the lawyer as well or do they not count to file. if by any chance i get a petition from the lawyer to the court by the end of day tomorrow will it stop the sale of my property the next day. people in my city are waiting for my house to forfeit. that sucks because i put alot of money to it. i am trying to sell the property to make a profit and bankruptcy is my last resort to pocket something. if i read correctly texas law states the courts can only take profit money only if i exceed over 15,000.00 in profit to satifsy my lenders . is this true… please help tomorrow will be a long day of ass kissing

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Answer: Hi. Actually, Texas has the homestead exemptions, so provided that you purchase another home with the profit you received, you are entitled to the money.

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