Foreclosures Help Information

Posts Tagged ‘housing’

Foreclosed Homes For Rent In Nc

Question: real estate advice, renting a pre foreclosed upon home?

I need help... We are in the state of Florida and have been served with pre foreclosure papers as John and Jane Doe, tenants. Our landlord has given us a song and dance and has told us that he will hold us to the end of our lease, being July 1, and he feels there "should" be enough time. I have a high school Jr. and Sr. I would like to move out. What are my rights? We have been relocated due to a military move and really need to stay in the area. We have spoken with the bank as well as the attorney for the bank and were told that the landlord did not reply within the twenty days. They were up last month. The bank said they are simply waiting on a court date. I honestly can not live like this and find it hard to believe that the landlord has so many rights. I have always paid my rent, I just want out of this situation. I own a home in NC with tenants and could not imagine placing them in this situation.

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Answer: Yes, the landlord can hold you to the original rental agreement as long as he is the owner of the house. I know it's tough, but you should stay as long as you can. Make sure you give the correct notice to the landlord that you will be moving out the first day the lease expires. Then about two months prior, start looking for a new place. You should be able to sign an agreement one month early for a move-in date of July 1. So really, you just have to wait until 1 April to start looking and planning your next move. If necessary, try to find an apartment in the area so your kids can stay at their school. Hang in there! The banks take lots of time to go through all their paperwork, so you should be okay.

Charlotte Real Estate Homes Communities

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Mortgage Foreclosure Properties

Question: Does a mortgage foreclosure erase an existing foreclosed lien?

Our condominium association filed and foreclosed a lien for unpaid dues. Redemption period passed. Several months later (now) mortgagor (bank) is beginning foreclosure process for unpaid mortgage. Property is "under water". If mortgage is foreclosed and redemption period passes, what happens to our existing lien?? Thanks.

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Answer: When the mortgage company forecloses there are several things that can happen. The mortgage company may pay off the association because they have agreater interest in the property. You may also receive a 1099 for income earned that you file have to file on your tax return from both parties.

Mortgage fraud scheme involved in more than 550 foreclosures

Mortgage Foreclosure By State

Question: I am thinking of letting my house go into foreclosure, I live in Michigan?

and I have a home equity line of credit also (2nd mortgage). What will happen to the equity line of credit. Will they come after me for that? Will I still need to make my payments? Or does anybody know where I can find information on foreclosure in my state?

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Answer: Keep in mind that choosing to let your home go into foreclosure, may be considered fraud down the road.

I suggest you explore all of your options.

Credit Counseling and Housing Counseling is provided by at least these three sites.

http://www.nfcc.org/

http://www.hud.gov/local/index.cfm?state=mi on right hand column

http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html

Or, a foreclosure attorney may be a choice

Or, a "short sale" may be a choice.

All of these sources will have options, and yes, as mentioned there are additional programs in the works and one was initiated March 4th. You may or may not qualify for any of these programs.

I wish you well.

Mortgage Foreclosure Help - 5 Tips - Save Your Home - Part 1