Foreclosures Help Information

Posts Tagged ‘Foreclosed Real Estate’

Tax Foreclosed Real Estate

Question: To foreclose or not to foreclose?

Here's the situation: real estate prices fell, my mortgage is more then the condo is worth (which means I can't refinance). I am renting the condo out, but still have to come up with over $500 out of pocket every month to cover the HOA and taxes. I also have an adjustable interest (which will only keep going up). If I sell, I'm still going to own on the loan. I really don't want to foreclose. Can any one come up with any good ideas of what I should do?

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Answer: 1- if you go to foreclosure your credit will be ruined for 7 years and you will still owe the difference from the sheriff sale and the actual mortgaged amount.
2- I assume since you are renting it that you own another place that you live in. If this is so, then you should outright sell the condo- take the loss as a tax loss, and save your credit rating-- if possible, lease with option to buy and get a percentage down payment that would help reduce your monthly fees. The person you are renting to may be interested in that scenario since he is already there.
3- Are you sure your rent is high enough for the condo? that is another option to bring in more money/month.

If all of the above fail and you DO own another property- you might want to do a bridge mortgage and put some of the debt on your other home.

If you do not HAVE another home, then you have to save your credit or you will not be able to buy anything for 7 years--- you can go to the bank and see if they will do a "buy out" to save you from going to foreclosure. You actually just sign over the title to the bank and yes, you will have to pay off whatever difference there is left but at least it wont ruin your credit for life. Go to your bank-- have them discuss these option to you. If you have no other home - YOU should live in it and then you can write off the mortgage interest on your taxes----- you have options---- and there are attorneys who, usually are not well versed in real estate/mortgage options so I would choose one that specializes only in real estate law.... good luck to you.

John Beck Tax Sales, Tax Liens & Tax Foreclosure Real Estate System

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Foreclosed Real Estate For Sale

Question: How to convince someone in family to do a short sale instead of foreclosure?

He does not want to disclose all his finances and is too lazy to get all the info together and would rather just let them foreclose. He has assets and cash. He is older and very stubborn person in family. Very good real estate agent has been reduced to tears and we can't talk to him and convince him he is stonewalling the whole deal.
he insists the mtg. co. is holding up the sale by asking for the necessary info

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Answer: You cant. Old people are notorious for being stubborn in financial dealings. Get conservatorship or something...

Fort Worth Home Real Estate Short Sale Stopping Foreclosures

Foreclosed Real Estate Sale

Question: you give a bank your taxes information, bank info, and check stubs for a short sale can they use it aganist u?

My Real Estate agent wants to short sale the house it is due to foreclose in a month and we have a cash offer, but the short sale process is asking for tax info, bank infor and check stubs I am worried they will use it against me. Should I not worry and just do it since it is better then foreclosure.

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Answer: Of course they can! They want to make sure that you really can't afford the place and really have no money before giving you permission to screw them out of cash.

good luck!

Real Estate & Mortgage 1 - Foreclosure Meltdown Fraud & Scams Dec08 - First Time Home Buyers