Comments for Foreclosure University - Your Online Real Estate Investing Resource http://foreclosureuniversity.com/blog Foreclosure - Real Estate Investment : Short Sales Wed, 10 Mar 2010 04:53:46 -0500 http://wordpress.org/?v=2.9.2 hourly 1 Comment on when buying a short sale home how long does it take to close? by Jarad http://foreclosureuniversity.com/blog/2008/07/07/when-buying-a-short-sale-home-how-long-does-it-take-to-close/comment-page-1/#comment-8414 Jarad Wed, 10 Mar 2010 04:53:46 +0000 http://foreclosureuniversity.com/blog/2008/07/07/when-buying-a-short-sale-home-how-long-does-it-take-to-close/#comment-8414 Unfortunately there is not much you can do. Right now short sales are taking a very long time. You just want to make sure you've sent the lender EVERYTHING they've asked for so it doesn't get drug out any longer than necessary. Unfortunately there is not much you can do. Right now short sales are taking a very long time. You just want to make sure you’ve sent the lender EVERYTHING they’ve asked for so it doesn’t get drug out any longer than necessary.

]]> Comment on Equity Line of Credit and Foreclosure by Jarad http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-8413 Jarad Wed, 10 Mar 2010 04:49:03 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-8413 It depends on the lender...some will 1099 the homeowner, others will file a judgment. It's normal to receive one of these. You will keep getting property tax notices until the county updates their records and you are no longer the owner on record. It depends on the lender…some will 1099 the homeowner, others will file a judgment. It’s normal to receive one of these. You will keep getting property tax notices until the county updates their records and you are no longer the owner on record.

]]> Comment on when buying a short sale home how long does it take to close? by Renee http://foreclosureuniversity.com/blog/2008/07/07/when-buying-a-short-sale-home-how-long-does-it-take-to-close/comment-page-1/#comment-8396 Renee Tue, 09 Mar 2010 15:50:12 +0000 http://foreclosureuniversity.com/blog/2008/07/07/when-buying-a-short-sale-home-how-long-does-it-take-to-close/#comment-8396 I am a buyer, who was not aware that I was getting into a short sale until after we had a contract, and did the inspection. Now they are telling us it's a short sale and we might not be in by our April 2 closing....we rent an apartment and will have to go month by month if this thing drags out, which includes a processing fee from our landlord...do we have any negotiating power to have some of these new expenses covered? I am a buyer, who was not aware that I was getting into a short sale until after we had a contract, and did the inspection. Now they are telling us it’s a short sale and we might not be in by our April 2 closing….we rent an apartment and will have to go month by month if this thing drags out, which includes a processing fee from our landlord…do we have any negotiating power to have some of these new expenses covered?

]]> Comment on Equity Line of Credit and Foreclosure by AA http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-8381 AA Mon, 08 Mar 2010 21:52:32 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-8381 Oh, and i'm also from California. Thanks. Oh, and i’m also from California. Thanks.

]]> Comment on Equity Line of Credit and Foreclosure by AA http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-8380 AA Mon, 08 Mar 2010 21:50:22 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-8380 Can someone help? I just found that my lender foreclosed my condo and is now billing me for the line equity of $48,000. Is this normal? Also, i'm still getting property tax notices and HOA bills. Can someone help? I just found that my lender foreclosed my condo and is now billing me for the line equity of $48,000. Is this normal? Also, i’m still getting property tax notices and HOA bills.

]]> Comment on Equity Line of Credit and Foreclosure by Jarad http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-8412 Jarad Wed, 03 Mar 2010 16:29:39 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-8412 Gabrielle, these days a lot of things don't make any sense. Here you are offering a lender, in 3rd position might I add, some money to satisfy a loan and they know full well that if it goes to foreclosure, they will get nothing...it makes no sense unless they feel very strongly that they will get MORE money when it forecloses. But it's a little unrealistic these days. You have a couple options, one of which I don't really encourage, unless there is no other option. That would be to tell the lender you just want them to release the lien so they can pursue the homeowner for the difference. See if they satisfy the loan, they give up that right...they can only 1099 the homeowner. When they release the lien the homeowner gets the short end of the stick if they decide to sue. However, if it forecloses, the 3rd can pursue them anyway and sue the homeowner for the deficient amount, so in this case you might try that if all else fails. The other option is to see if the agent will throw in some of his/her commission...how bad do they want to close this deal? I don't know how close the auction is, but sometimes time plays an important role in creating urgency with lenders. Gabrielle, these days a lot of things don’t make any sense. Here you are offering a lender, in 3rd position might I add, some money to satisfy a loan and they know full well that if it goes to foreclosure, they will get nothing…it makes no sense unless they feel very strongly that they will get MORE money when it forecloses. But it’s a little unrealistic these days. You have a couple options, one of which I don’t really encourage, unless there is no other option. That would be to tell the lender you just want them to release the lien so they can pursue the homeowner for the difference. See if they satisfy the loan, they give up that right…they can only 1099 the homeowner. When they release the lien the homeowner gets the short end of the stick if they decide to sue. However, if it forecloses, the 3rd can pursue them anyway and sue the homeowner for the deficient amount, so in this case you might try that if all else fails. The other option is to see if the agent will throw in some of his/her commission…how bad do they want to close this deal? I don’t know how close the auction is, but sometimes time plays an important role in creating urgency with lenders.

]]> Comment on Equity Line of Credit and Foreclosure by Gabrielle http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-8205 Gabrielle Tue, 02 Mar 2010 21:28:41 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-8205 I'm trying to purchase a short sale with three liens. A first at 600,000, a second at 80,000 and a third HELOC at 117. The bank holding the first two loans accepted the offer, which is coincidently exactly what the house appraised for. The first and second have been zero'd out and forgiven. The bank holding the third in line HELOC, which I'm not giving the name of (although I should because they're very inconsiderate) are holding the short sale hostage even though they are getting ten percent of the HELOC balance. We have offered 10,000,in addition to what the first bank is passing through (5,000). I thought they would rather finish a short sale than go into foreclosure. Nothing makes sense. Recently we offered them 15,000 on top of what the first bank is passing thru, bringing it 5,000 beyond what the house is appraising for, which means it's not in the loan it's out of my pocket. The retailer informed me the bank negotiator said if we give the bank 22,000 they'll sign off today on the loan, otherwise, we'll just have to wait. This is almost extortion, because it brings the price well over the appraisal. Is this all legal? I’m trying to purchase a short sale with three liens. A first at 600,000, a second at 80,000 and a third HELOC at 117. The bank holding the first two loans accepted the offer, which is coincidently exactly what the house appraised for. The first and second have been zero’d out and forgiven. The bank holding the third in line HELOC, which I’m not giving the name of (although I should because they’re very inconsiderate) are holding the short sale hostage even though they are getting ten percent of the HELOC balance. We have offered 10,000,in addition to what the first bank is passing through (5,000). I thought they would rather finish a short sale than go into foreclosure. Nothing makes sense. Recently we offered them 15,000 on top of what the first bank is passing thru, bringing it 5,000 beyond what the house is appraising for, which means it’s not in the loan it’s out of my pocket. The retailer informed me the bank negotiator said if we give the bank 22,000 they’ll sign off today on the loan, otherwise, we’ll just have to wait. This is almost extortion, because it brings the price well over the appraisal. Is this all legal?

]]> Comment on Equity Line of Credit and Foreclosure by Peter http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/comment-page-1/#comment-7842 Peter Thu, 18 Feb 2010 19:08:03 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-7842 I have a home in Florida that is about to be foreclosed. 1st mortgage is with Chase $138,000 second was with WaMu which is now Chase $22,000 3rd is with previous owner $17,000. I had a cash buyer for a short sale but was declined because the previous owner would not sign off on it because they were not going to get anything. My question is what is going to happen to the second and third loans or more importantly to me. What time line am I looking at and is there anything I can do to prevent any bad stuff happening to me. Thank you I have a home in Florida that is about to be foreclosed. 1st mortgage is with Chase $138,000 second was with WaMu which is now Chase $22,000 3rd is with previous owner $17,000. I had a cash buyer for a short sale but was declined because the previous owner would not sign off on it because they were not going to get anything. My question is what is going to happen to the second and third loans or more importantly to me. What time line am I looking at and is there anything I can do to prevent any bad stuff happening to me.

Thank you

]]> Comment on When a property is auctioned off by a lender and the lender receives more than what is owed on the note, what happens to those funds? by SweetNovember115 http://foreclosureuniversity.com/blog/2009/09/08/when-a-property-is-auctioned-off-by-a-lender-and-the-lender-receives-more-than-what-is-owed-on-the-note-what-happens-to-those-funds/comment-page-1/#comment-7386 SweetNovember115 Mon, 01 Feb 2010 23:56:31 +0000 http://foreclosureuniversity.com/blog/2009/09/08/when-a-property-is-auctioned-off-by-a-lender-and-the-lender-receives-more-than-what-is-owed-on-the-note-what-happens-to-those-funds/#comment-7386 Who gives the fund to the home owner. We where forced to move do to foreclosure but the home was sold for more than we owed on the note. The company that held our note was shut down by the government. So who holds the money owed us and how do we get it? Does the sherrifs office hold it or what?? Who gives the fund to the home owner. We where forced to move do to foreclosure but the home was sold for more than we owed on the note. The company that held our note was shut down by the government. So who holds the money owed us and how do we get it? Does the sherrifs office hold it or what??

]]> Comment on Who is responsible for the difference of the original loan amount if a short sale is accepted? by Myrna http://foreclosureuniversity.com/blog/2008/07/08/who-is-responsible-for-the-difference-of-the-original-loan-amount-if-a-short-sale-is-accepted/comment-page-1/#comment-7313 Myrna Sat, 30 Jan 2010 22:51:30 +0000 http://foreclosureuniversity.com/blog/2008/07/08/who-is-responsible-for-the-difference-of-the-original-loan-amount-if-a-short-sale-is-accepted/#comment-7313 What happens if I vacate or quitclaim my interest? My husband passed away and my income was cut in half. Also, I owe 350,000 and my house is worth $150,000. Should I short sale or quit claim. Houses is not selling in the area. What would be best/ What happens if I vacate or quitclaim my interest? My husband passed away and my income was cut in half. Also, I owe 350,000 and my house is worth $150,000.
Should I short sale or quit claim. Houses is not selling in the area. What would be best/

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