Foreclosures Help Information

Posts Tagged ‘foreclosed property’

Hud Foreclosed Property

Question: i'm in Dallas Tx and my landlord's property that i'm renting is going to be foreclosed on 12-1 what happens?

The landlord told me the bank was working with him now after being confronted by me he says he's not trying to save the property anymore. I was told HUD helps people in this situation is that true? Who can i call?

Answer: The new foreclosure law requires that the bank let you live out your lease or give you 90 days notice if you do not have one. You must continue to pay him the rent until the day the bank takes possession. After that you pay the rent to the bank.

Here is the new law: http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf

Colorado Springs Real Estate HUD Foreclosure 6696 Flintridge Dr 80918

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Foreclosed Commercial Property Texas

Question: My commercial property has a contract witht the title company and my mortgage company is threateing to foreclo

I am based in Texas.Its a commercial property that has been with the title company for almost a month.I went to to my mortgge company to see if they are willing to give me a break for the money I owe them and now they are sending me letter to foreclose on it.Please advice.

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Answer: give us a call http://www.anycreditmortgage.biz

People Doing Business Danny McKinney founder of McKinney Real Estate & Investment Co. Spotlight

Foreclosed Property In Florida

Question: If I own two homes and one is foreclosed on can the bank take the other one as well?

As most of you know the real estate market has dropped considerably here in Florida, can the bank come after my primary residence as well as foreclose on my rental property

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Answer: I'm a Real Estate Broker myself here in Florida and NOT an attorney, but in my opinion what will happen is the following:

The rental property will be sold at auction most likely once it's in foreclosure. The bank will then place what's called a "Deficiency Judgement" against YOU not your primary residence for the difference of what you owe and what they received from the auction. Now if the bank came after you in the court process for the deficiency judgement then you might have to declare bankruptcy to save your primary residence and main source of transportation, but from what I understand regarding the Bankruptcy Laws Florida & Texas are the only two states that still allow this. But again I'm not an attorney and you should consult with one most likely

MY ADVICE:
Have you tried contacting the Lender regarding a "Short Sale" of the rental property to avoid the whole foreclosure process? This is becoming more popular here in Florida. It basically means the bank might be willing to take less then what you owe because the market is so bad. Contact your lenders "Loss Mitigation" department and explain your situation to them. I have a couple short sale listings myself.

hope this helps, SELL2K

Lee County Florida Selling Foreclosed Houses