Foreclosures Help Information

Posts Tagged ‘consumer’

Foreclosed San Francisco

Question: i bought a home in san francisco for 280,000 it was from a relative well i fixed it up and rented it. im?

renting it for what the mortgage is. cant rent it for any more, well they just told me 1yr later that the house is worth 580,000 and so there raised prop taxes. i cant afford to pay them. so im gonna sell in June. WILL THE CITY WAIT FOR THERE MONEY TILL HOUSE SELLS OR WILL THEY MAKE FORECLOSE.

Answer: If you purchased the property from a parent, grand-parent, your child, or a sibling you can file a form with the county tax assessor and the property will not be reassessed, but kept at the same old assessment value.

Whenever a property is sold the property will be reassessed to the current value, other than the exception stated above.

In California because of Prop 13 a property assessed value can't be raised more the 2% a year from your sales price and/or the fair market price when you purchased it.

CALIFORNIA WILL NOT MAKE A PAYMENT PLAN WITH YOU. If you don't pay the tax bill it takes four years before the state sells the property, however your lender will foreclose on you way before that time for the unpaid taxes.

If you are selling within the next 6 months all will happen is at the closing of the escrow all the back taxes and penalties will be deducted from your proceeds of the sale.

San Francisco Area Foreclosure(San Lorenzo)

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Foreclosure Law In Arizona

Question: guidelines for property ownership in Arizona. What happens if someone's name is on title but not mortgage?

My sister in law and her husband own a house together in Arizona. The situation in their marriage is not good. He is abusive and she wants out. Both of their names are on the title but only his name is on the mortgage. She is afraid that if she leaves and he lets the house go into foreclosure, the bank can come after her and affect her credit negatively. I do not believe that this is the case. I think that the bank will repo the house, but only his credit will be affected. He is trying to get her to stay by saying that if she leaves, her credit will be ruined because he will let the house get repo'ed. Can someone give me a little clarification on this matter? I appreciate any info you can provide. Regards, Matt.
What if she were to quitclaim the house? Would that end her liability?

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Answer: The husband is correct. AZ is a community property state and unless the husband inherited the house she is just as responsible for it as he is, it does not matter that she is not on the mortgage.

PT3 ALERT STOP FORECLOSURE REALITY RADIO

Hud Foreclosure Rules

Being able to stop foreclosure sale when your mortgage company refuses to work with you can be a challenge at best, a nightmare at worst. But there are still ways to save your home from foreclosure even if your mortgage company will not work with you.

You even have options if your mortgage company will not work with you to stop foreclosure sale. Check to see if your state has a right to cure period and a right to redeem period. A right to cure means that you pay all of the money necessary to get your loan current. This includes all fees. In my county, I had to file right to cure papers at least 15 calendar days before the sale date. All I had to do was fill out a piece of paper and send it in to the public trustee in my county. The county then got the cure figures from the mortgage company. By law, the mortgage company has to provide cure figures.

A right to redeem means that you can still get your home back even after it has been sold at a foreclosure sale. While this is not a way to stop foreclosure sale, it is still a way to save your home. The trick with this is that you have to come up with all of the money that you owe your mortgage company plus any fees. This is not just getting your loan current, it is paying off your loan in full. The other thing to keep in mind is that not every state has a redemption period. Do not count on this as an option. Be sure to do your research so you know what the rules are for your state.

Another thing that you can do is enlist an advocate to help you stop foreclosure sale. Try getting a HUD approved counselor to help you work with your mortgage company. HUD counselors are trained to help with housing issues and may be able to come up with options or ideas that you have not thought of. Another good advocate that you can get is a lawyer. They can help you understand what your legal rights are when your mortgage company will not work with you.

About the Author:

You can still stop foreclosure sale even if your mortgage company is unwilling to work with you. You just need to be aware of what your options are. Get more free foreclosure help at http://www.stopping-home-foreclosure.com/StopForeclosureSale.html

Source - Stop Foreclosure Sale When Your Mortgage Company Will not Work With You

Hud - Paul Newman