Can I buy MY foreclosed home back from the bank?

Very unique situation: My wife and I are in the middle of the foreclosure process. Both of the loans are in my wifes name but I am(or was) on title. Outstanding liens total $320,000 - 1st lien holder accepted $160k pre auction on a short sale offer that fell through because the buyer was unable to get financing. Auction was held 2 weeks ago and being that we are in Michigan we have a 6 month redemption period. Here is the question: Can I (the husband), qualify through another bank for a loan to buy essentially my own home back? Logically it makes sense for all parties involved. Bank A(lien holder) gets to unload the house, Bank B(new bank) gets a new loan, and my wife and I can stay in our home, for half of what the mortgage was. I would offer the same ($160k) as what they had previously accepted from another buyer. 2 hurdles seem to be my current address, which is in foreclosure AND the property trying to be purchased and if Bank A accepted 160k from another buyer, would they accept it from me if I was able to obtain new financing? Lastly, what happens to the 2nd lien holder? Are they SOL? Thanks and I hope I painted a clear picture of this unusual scenario. Looking forward to your reply(ies). - Still Hopeful in Michigan

Posted by viclucaj
from MI




167 Answers

3
i am trying to purchase a Freddie Mac forclosed home that i live in. This home was owned by my ex-husband and his mother. My ex-husband commit suicide 8 months after the home was forclosed on. I never had any ownership of the home. i was never on the mortgage or the deed. I tried to purchase the home from him and his mother and they refused to sell to me saying they would rather let it be forclosed on and it was forclosed on. The bank wants me to pay the amount that they say they have into the house. $190,000. The amount owed on the mortgage before forclosure was $163,000. and the home is worth maybe $100,000.. I tried to work something out with the bank to prevent the forclosure but they said because i did not own the home they could not help me. It would have saved them alot of money but i guess they don't care about that. Now they say that i can buy it for $190,000. and no less because i was married to him. But i did not own the home and i am definately not trying to by it back for him he's dead now, not that iwould have because i wouldn't. My marriage was a horrifying nightmare. seems to me that instead of going after his mother for whatever losses they have like they are supposed to they would rather try to extort the money from me. Can they do this legally? Is there something i can do? The banks attorney said that they feel that if they could actually talk to someone high enough up in the Freddie Mac company that has the authority to make a real decision they could get someone to except my offer. But they themselves cant get to that person. How do i get intouch with this person? Last questions if need be is it illegal for my father to make a cash offer that he can afford and that they will except and then sell the home to me after the 90 day hud waiting period to resell? Remember i didnt own the home ever. Please help I need help asap. The bank continues to try to evict me. My children and i have been through so much and cant afford to lose the only stable thing we have had. Their stepfather put them through to much. we have no place together with our animals.

Answered by Danielle


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Hi Danielle, First let me say how sorry I am that you are going through this. Unfortunately what Freddie Mac is trying to do is not illegal. They have foreclosed on the home so they are the legal owners. Since you were married to the former owner they have indicated that they are willing to sell you the home but for the full amount owed by your husband (plus past due interest). It does not make financial sense for you to pay 190k for a home worth 100k. If your goal is to stay in this particular house and given that Freddie Mac is a government entity I would start contacting my congressmen and senators. I would keep the information to the facts and not dwell on the bad marriage. You and your husband lived in a home where you were not on title. Your husband committed suicide over all of this and the bank would not work with you because you are not on title. Now, you and your children, in addition to losing your father and husband are also being evicted from your home. You want to save the home but they are asking you to pay them twice what the home is worth. This is a story that your elected officials can get behind. Depending on your tolerance for exposure you could even take your story to the local press or news station. Freddie Mac will look very bad for evicting a family after a foreclosure pushed a father to suicide. On the outside chance that you cannot save this house then take this moment to make a fresh start. If there are other places you can purchase like this home for 100k that makes much more financial sense. Good luck to you!! Michelle
Danielle, I am very sorry to hear what you have been put through. I wish we could have heard before the foreclosure sale. I agree with the other reply to your post. You should definitely contact your representatives. Contact your state representative and your Senator and your Congressperson. You did not say where your property is located. Are you in CA or AZ? Mark Moore
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Diego, I used the $575K fair market value you provided since I have nothing else to go off of. I assumed a $115K down, which is typically split 50/50 with you bringing 10% of FMV ($57,500 cash) and HomeLiberty bringing the balance. This is just looking at the numbers you provided and making a guess. If you want to get a better understanding, I suggest you contact us. We do not charge any money, and you are never under an obligation to pay a cent until and unless we save your house. Our program is non-exclusive. We encourage you to pursue aggressively all available solutions, including continuing negotiation with your lender. It's your house after all. You should fight hard to get your situation resolved. Also, the HomeLiberty program can be cancelled at will, without cost or penalty of any sort up until we capture your home from the lender. Instead of the banks dual tracking you and your workout, maybe it's time to dual track the bank.

Answered by Mark Moore


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Diego, we can work with a 5% down (see our FAQ). The lowest down payment is $5,000. If you do not have $5,000 available for a down payment, it's unlikely you'll be able to qualify for the financing.

Answered by Mark Moore


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Diego, This is precisely why HomeLiberty provides seller financing. Your situation is not uncommon, and because banks will not even begin to discuss loan modification or short-sale approval until they see 90 days of non-payment,[1] it means that all of our families have a severe deficiency on their credit report. We look at actual income and the actual debt you currently have. We will look at your credit history to see if you pay your debt obligations, but we do not go by credit score. The industry standard is that if your mortgage payment is less than 31% of your total household income, there is a presumption that you can make your payments. If the $4K per month is less than 31% of your HH income, you sound like you would certainly qualify. We do not ask you to go secure 3rd party financing to repurchase your home. (Though you are free to do so!) And, we do fully pre qualify, so you will know if you are approved, and for how much. I would doubt your agents/friends/brokers have heard of HomeLiberty. We are new. But, we are real, and we are saving actual homes in situations like yours. We just closed escrow on the most recent home on Friday. I suspect we will save the next one on the 4th. Hope you give us a call or send us an email, Diego. I sure would like to give a family like yours a chance to build over $167K of equity in the next 13 months. [1] http://www.calculatedriskblog.com/2008/09/loan-modifications-anecdotes-and-data.html

Answered by Mark Moore


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Does the sale of my property by going back to the bank, after 364 days from the original notice of trustee sale date, stand, when: 1.) There is a Les Pendes placed on the title, from a credit company that was overlooked by the title search, and put in the courts for first position on my loan. ( I was unaware of this judgement, ($45,000) for it was my ex-husband from 2003), however the title company missed this one, and another one for $363.00. The creditor requested payment from title company, and the title company told them to take a flying leap. It has remained a stale mate since 2006. I just recieved a mortgage modification from saxon, and was to make my first payment on May 2010., when Saxon informed me that Ocwen will now be handeling my loan, and to expect to hear from them in the next 30 days. Remember I was to pay the first payment on the first of May. But I had no place or loan number to pay it too. Called Ocwen on May 10th. They didn't have my loan information or modification, however they did then assign me a loan number, and must have got something from saxon, because it was the amount we agreed upon. So made my payment, but check was returned in the mail on June 2,2010. No explanation, just returned un cashed. Same day, I recieved a Quiting of title law suit, from my trustee company ( they changed title companies, in between time, but never served me, or gave public record of this change) but I was being sued now to have all rights lifted, and for the courts to order me and creditor as Grantor to give or interests back to the bank. ) I found out that they did indeed revert the home back to the bank on May 26th the day before the 365 day deadline came up, to refile all the paper work again. In the mean time, I am recieving information from Ocwen, with payment coupons and loan modification paper work . On July 21 (registered Mail to show proff of insurance.) I was served quiting of title paper on June 11th, almost 2 weeks after sale of home. No were in paper work does it discuss the home going back to the bank, and they even list me as Grantor, while asking the courts to relieve me of any interest in the property.. I have not recieved any information on the sale of my house from anyone. I found it out looking up info on the judgments. My questions are these. Under these circumstances, would the reo still be legal and binding if 1.) title is clouded, and not in first postion? 2.) it lender does deciede to pay judgment, would it be valid then? 3.) does the lender have to notify me at all, being that we both agreed to remove the home from the auction that date. 4.) that the loan had a solid clad modification, and it was the servers fault to have chnaged my loan over? Is there any recourse for borrower in regards to a modification in place,and lenders have to be obligated to adhere to the modification, or can a lender just up and sale a home, without knowleadge to the homeowner, and without merit, have the trustee of sale paper 364 days ago, be his only obligation to let me know the home was up for sale, and the continued exploit to secreatly remove me from my home? I would appreichate any help. I have had a consultation with an attorney, and I believe we will secure a instrument of hire, but he just had to look all over the paper work. I ask you all , because when things get this complicated, it is sometimes better to have more than one positoin in the all important world of law.... thank you for your time, in helping us out there that have made messes of our lives, even if we are not totally to blame, I guess I could have done something differnet. ' pinchthepenny@gmail.com for private consultation and information. thank you again

Answered by Penny Parker


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I can tell you that a lis pendens in and of itself does nothing to stop foreclosure. It simply indicates that a lawsuit is pending. A cloud on title also does not automatically stop foreclosure. It is legal for a lender to postpone a sale up to a full year. The only thing that may help you is if you truly had a "solid clad modification" in place. If that is the case then they would not have the right to foreclose so long as you were honoring the terms of that modification (as in that case you would no longer be in default). If that is the case you should quickly contact the trustee and send them proof that you had a loan mod in place, AND that you had done everything required under that loan mod. Since the property went back to the bank it is fairly easy for them to rescind the sale. Sean
Hello, This is to inform the general public that Mr. Mark Moel, a private loan lender already open financial opportunity for all needs any financial help. We give loan at 2% interest rate to individuals, companies and companies under a clear and understandable terms and condition. contact us today by email at: Markmoelloanhouse@live.com Borrower's DATA 1) Full Name: ........... 2) Country: ............. 3) Address: ............. 4) State: ................. 5) Sex: ................... 6) Civil Status:............ 7) Occupation: ............... 8) Phone Number:............... 9) Currently position in place of work: ...... 10) Monthly income:........... 11) Loan Amount Needed: ....... 12) Loan Duration:............... 13) Purpose of Loan:.............. 14) Religion: ........................ 15) Have you applied before ........ 16) Business name(If Any):........ 17) Date of birth:................ 18) Marital status:................ 19) Next Of Kin:.................... 20) Monthly Income:.................. 21) Phone:............................ 22) Fax:............................. 23) postal code:....................... 24) Mobile/cellular:.................. 25) Internet at home............... thank you, Mrs.Mark Moel mark
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Diego, here at HomeLiberty, we are aware of the concerns that your acquaintances have expressed. That is why we enter into a written contract that obligates us to sell to you if/when we capture the home. We cannot change our minds or change the terms after we successfully purchase. And, because HomeLiberty provides seller financing, you are guaranteed the ability to purchase the home once we acquire it. We have had 100% of our customers repurchase their homes after HomeLiberty acquires title, and this will always be the case. Generally, it is a matter of days from the time HomeLiberty captures until the family is back in a 30 year fixed mortgage and owning at least 10% equity out right. How do we apply the first 13 payments entirely to principal? We can do this because HomeLiberty provides the financing. In the written mortgage we provide, it says clearly that as long as the scheduled payments are made on time, and until an amount equal to the first 13 payments is received, HomeLiberty must apply 100% of the payment to principal, and HomeLiberty is not allowed to accrue any interest. After the first 13 payments, interest accrues on a more normal amortization schedule, but by that time you will have paid down about 10% of the original principal amount, and the monthly payments don't change. They are fixed for the entire 30 years. What kind of interest rate is given to such loans with bad credit? Well, as we've been discussing, we offer 0% for the first 13 months if you pay on time. :-) The interest rate we use to amortize the loan is higher than prime. We are not a bank, so we can't compete with bank rates and we don't try. But, we offer a fair rate, and an excellent program with no prepayment penalties that is designed to keep the homeowner in their home, *lower* their current monthly payments, and rapidly get them to 80% LTV. That's the goal. We figure after 13 on time payments and an 80% LTV, you should be able to look for refinancing that has competitive rates. But, if you can't (or if rates go up to where our rates are competitive), you are free to stay in the loan for all 30 years. No tricks, no payment increases, and balloon payment. Diego, if you have a sweetheart deal with your investor, you should take it. On the other hand, I don't know if you will have $167K equity in your home after 13 months with his deal. I am absolutely certain that any 3rd party financing you find will not offer 13 months of principal only payments with no accrued interest. And, I'm pretty confident they won't beat our interest rate on a 30 year mortgage. There are some pitfalls you will want to be careful of if you do try to recapture your house through your investor friend. If you do lose it to another investor at the foreclosure auction, or if you can't secure 3rd party financing, be sure to keep us in mind. In the end, you might want to simply drop us a line by phone or email since this blog is not the best way to understand your particular situation or to give you the most accurate advice. There is no cost and no obligation, so you really have nothing to lose by contacting us. I sincerely wish you the very best as you work through your very challenging situation.

Answered by Mark Moore


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I am actually amazed at what I have read, was looking for something similar for over 2 years and really found nothing. Just learned about foreclosure radar last night. I need help right away. I really need to speak to someone in person because not sure who reads this information but wouldn't want to inform wrong party, such as the bank since they have already taken advantage of the situation. please respond asap 760-917-0088. Thanks in advance for your time and any help you can provide. vanessa
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You will want to consult with an attorney on this matter. We are not familiar with Georgia Foreclosure Laws.

Answered by Michelle


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Mark, Thanks for the insight. Sounds like a "fun" process, but when you are in the hole and extremely underwater, what do you have to lose. :) I have some hoops to jump through, but at least I and I other readers are aware of the other options out there, besides the sit and wait game. Thanks, Diego

Answered by Diego


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Hi Diego, My name is Jen and I have the lucky distinction of being one of the first people to work with HomeLiberty and repurchase my own foreclosed home. I saw some of your questions and thought I would tell you how things worked for me as an attempt at answering in a real numbers way. You asked how you could qualify for the loan when your FICO is in the tank. In our case, HomeLiberty wanted to know what our credit history looked like *before* we started defaulting on our house. I had ordered a full credit report for myself and my husband before defaulting, just to have a record of our clean credit and how high our credit scores were. I guess I imagined that documentation would be helpful in finding a rental situation somewhere down the line… HomeLiberty is working pretty much only with people who do go into default, so everybody they work with will have recent downgrades on their FICO. They look beyond that; they are working with people who have historically treated their credit priveledges well, and are now making a financially savvy decision to strategically default. It is a different kind of person than someone who has a lot of various types of credit issues and is losing the home because they can’t afford it. (By the way, for what it’s worth… my credit score was 743 before default, went down to 630 after foreclosure, and is back up to 650 currently. I don’t know if it’s always this painless, but in my case, it hasn’t been very bad at all, knock on wood.) We didn’t have a second loan, so I am not sure how that part works with HomeLiberty. But I did ask them on behalf of an interested party at one point and they told me they certainly do work with those who have 1st and 2nd mortgages. You asked some questions about principal and interest. In our case, we owed $400k on our home ($425k if you add the arrears from defaulting), our mortgage was $2167 per month, and it was going to balloon up to about $3000 a month in a couple of years. We foreclosed. It went to auction and an investor bought it for $167k. HomeLiberty bought it from the investor, and resold it to us for $215k. We put $21,100 down. Our new payment, financed at 12%, is $1994, and it will never adjust. Even though the percentage is higher, our payment is currently almost $200 lower than it was, and we will avoid that $800 balloon action, so effectively we’re paying $1000 less than we would have been paying at the adjustment point. Furthermore (and this is the best part)… our original loan with HomeLiberty was $215k - $21,100 downpayment = $193,900. That started in November 2011. We now owe $181,932, just 6 months later.  (By the way, we never moved out of the house, and the title was back in our names in 28 days.) It all seemed very surreal at the time. I kept waiting for the other shoe to drop, but so far so good… We do plan and hope to refinance (probably at the 2 or 3 year mark, once the foreclosure on record doesn’t inhibit us from doing so). But we are also perfectly fine with staying with the HomeLiberty financing if we do not end up finding another alternative, because we are still keeping the home we love, paying less over all, and paying less on a monthly basis than we otherwise would have been. It works for us. (Also, the total amount we pay for everything – mortgage, insurance, property taxes – totals probably only about $100 more than we would be paying in rent, if we had ended up renting this same model home in our neighborhood.) All that money would have been thrown away if we had decided to rent instead. Now we have a great and right-side-up investment in the works, making us very bright-eyed about our financial future. Above all, I would highly recommend just calling HomeLiberty. They are very approachable, and take the time to explain things very clearly. And because they are still ramping up this *awesome* (in my opinion) venture, they take the time to use a personal touch. I dealt with the two founders frequently the entire way through the process – in person, on email, on the phone. They left no question of mine unanswered, and I am a very skeptical and thorough person, so I had a LOT of questions. I feel like a miracle came our way. So it is extremely exciting for me personally every time I see HomeLiberty do another deal, because I know exactly how that new customer feels… like just when they thought they were down and out and had no options, someone came along and threw them a line. Sad that our own government is failing miserably at sending it’s largest base (the middle class) a line during this terrible financial crisis. Sorry this got long. It’s an exciting subject for me, for obvious reasons. Best of luck to you!!! Jen

Answered by Jennifer


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love your story because I have a similar one and hope to rectify this problem also. Thanks for explaining how it works. Hope they are as wonderful as you indicated. We need more companies that are really out to help the homeowner and not bailout the banks only. How do I get in touch with this company? y number is 760-917-0088 vanessa
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Oh, one other thought.... during the months we were in default, we set aside the money that we would have otherwise been sending in for the mortgage payment. This is the money we used for the downpayment. It was kind of poetic justice after paying for eight years into a loan that never made a dent on the principal since it was interest-only.

Answered by Jennifer


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Answered by MANDY LAIRA
from OH


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Hi, This is in California. If I have enough cash, can I bid on my own home in a Trustee Sale auction if I am on the title but not on the deed of trust that is foreclosing. I bought the house in the third lien position and now the first lien is foreclosing. I am not on the mortgage that is foreclosing and am not related to him. a) If the answer is yes, will the second lien be wiped out in terms of security interest? The mortgage is not in my name. b) If the answer is no, can someone I know buy it on my behalf at the auction and sell it back to me immediately? I am not sure what the rules are in California Thanks!

Answered by Winnie


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Winnie, In CA, as in most states with trustee auctions, there are *no* restrictions on who can buy. You simply need to bring cash, and be the highest bidder. Period. to be precise, you would not bring actual cash to the auction (although I have seen people do that). Normally, you would bring a cashier's check for your absolute highest bid amount. If you are a new bidder, the auctioneer will ask to see it, and they will not accept a bid from you if it is higher than the check. Please seriously reconsider any desire you have to pursue what you call "b)", having someone buy your home for you and sell it back to you immediately. Even though you may not intend it, this will look a lot like fraud. If the middle-man sells the property to you for more than they paid, the bank could argue that they have a right to that higher price. I think it's a weak argument, but this is an area that is pretty closely watched because there has been so much fraud recently. The bottom line is you would be well advised to avoid schemes that attempt to hide information from the seller. Definitely get an experienced attorney and then follow their advice. One area where you are a little ambiguous is regarding who owns the home now (who is listed on the title), and who will own it when the dust settles and you own your house after the trustee sale. There is a relatively grey area in the law regarding purchase money loans (non-recourse) and the lien that goes with it. Here's the bad news: any lien that existed before the foreclosure for a loan that survives that foreclosure will *automatically* reattach to the property in a 2nd lien position if the owner at the time of foreclosure *ever* reacquires ownership (i.e. is listed on title). If you are listed on the title, you will definitely want to check into this issue. I would highly recommend you get documentation that the existing non-recourse loans that exist on your home are cancelled. You should demand to get 1099's for each one. And, then you should ask for the cancelled promissory notes. If you don't do this, there is a very real possibility that you will find your old mortgages reattaching to your repurchased property. Mark Moore
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Answered by joyce
from CA


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My home was recently foreclosed on due to divorce. The loan was secured through VA since my ex used his Va benefits. It was court ordered that he assist me in getting his name off the deed. I was unsuccessful in every attempt since the mortgage at the time was a year benhind. I have filed an appeal with courts all to no avail. All correspondence was sent to him with no response. Is it possible for me redeem the property through VA? He has several liens on the property in his name. I have a hard money lender to purchase the property. Will that debt come back to me or will it be best to walk away? Time is not on my side, since the bank is offering $3300 for my keys. I reside in MD

Answered by Jesslyn


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Your situation is complicated enough that you should probably have a lawyer review it. That said, if the loan that was foreclosed on and the other liens add up to more than the house is worth it is hard to see why it would be worth trying to stay. If the house was completely in his name, and your credit wasn't ruined through the process, perhaps you could offer to buy it from the bank at current market value with a new loan. Sean
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when the bank buys back your home on forclosure, do you have the right to purchase it back for them for what they paid for it?

Answered by lou
from WA


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If my home I purchased 5 years ago was sold at foreclosure auction / trust deed sale and purchased by family, can my wife (a girl I recently married that has perfect credit and plenty of money independent of me) get a loan to buy it back from her family? FYI, she has lived in the home for the past 6 months and is using the address of the foreclosure for the loan. & it was her family (My father in law) that purchased the home at auction. I am hearing conflicting stories from different sources and want to know if it is possible to get a loan, or do the banks have a good old boys club preventing family deals even after they agree to sell it at auction? As an additional side note, I did not strategically default. Since purchasing the home in 2007, I was divorced in 2009 and I lost my business and income in 2010. I have since found employment but it is a fraction of what I made and was not enough to save my home from foreclosure.

Answered by Brian


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There is nothing that says she can't buy it, nor is there any good old boys club preventing it. What you have to watch out for is the prior debt re-attaching. At least in CA, lenders who are wiped out by foreclosure essentially have their loans reactivated if the borrower ends back up on title. So the real issue is whether or not she can get title insurance - something every lender will require. As for title insurance it comes down to how they look at the period of time where you were married and you owned the home. Given the states community property laws, could those wiped out lenders make a case that they are entitled to reattach? I don't think so, but you'll need to talk to a the title company to see if they are willing to insure against that or not. Otherwise, so long as the loan and the property were never in her name, I see no reason why she wouldn't be able to "buy" the property from her father and get a loan - assuming she is qualified. I'd suggest having your father-in-law sell it to her using a standard contract, opening escrow with a title company and having her get an "owners" policy of title insurance. Assuming the title company agrees then she'll have title insurance even if one of your lenders try's to make a claim down the road. If the title company says no, then you could try another title company, but you may be out of luck. Sean
Update: The lender my wife picked after talking to many and disclosing our situation / narrowing it down to three and choosing the one who seemed to be able to get us a loan in our situation, came back yesterday saying that he could not get his lender or underwriter to give us a loan. Reason given: She is viewed by them as a foreclosure bail out because she is married to me and has lived here since we married 6 months ago. This is a never ending nightmare, why did we bail out these banks who now reject giving a loan to someone with an 800 fico and 20% down payment for the current market value of a property that had ZERO to do with the original loan or foreclosure. The original loan default stems 100% from me making a bad decision to buy a home that I should not have and then going through an unforeseen divorce and loss of job and income. My wife is not asking for a bailout and neither am I, she wants to pay interest for a home loan that would be fore less than 80% of the current market value. I let my home go to foreclosure and was prepared to walk. We have 5 kids that we are raising and moving (though still an option) seems unreasonable when we have the potential option to stay. I understand that in the case of a short sale the bank will not allow for me to remain in the home and that is their prerogative but THEY FORECLOSED & SOLD THE DAMN HOUSE AT AUCTION. I HAD NO SAY IN THE PRICE and the projected opening bid was to be over 100K above market value until one hour before the auction when they published an opening bid of 100K less than current market value. Subsequently the home was purchased by my wife's father in law to be sold back to her. I can't even go to the 6 o clock news for fear that my previous lender will pursue a deficiency judgement against me (I do have assets, all of which were disclosed to my lender in writing as a condition of the short sale process). This doesn't feel right. Something is very wrong with this picture. Banks should have consequences for treating people like this Brian
Correction... not purchased by my wife's father in law, purchased by my wife's father. Brian
While I'm somewhat sympathetic to what you are trying to do, you should probably get off the "banks are screwing you" soapbox. The reality is that you will likely walk away without having to pay the deficiency between the loan amount they gave you and what they resold it for. You are VERY lucky to live in CA as in many other states the bank could come after you for every penny... and in some countries they can come after your children if you fail to pay. You lost your say in what happened when you stopped making payments. That plus a hit to your credit, and the inability to buy the same house back are pretty minor consequences... so get over it. If your father-in-law (her father) bought it at a $100k discount, perhaps you could sell it, and use the gain for a down payment on another home. Or if your father-in-law has the means to buy the house cash, perhaps ask him to carry a note for a few years and then have her refinance? I know neither is what you had planned, but you do have options. Sean
Brian, you have not said what state you live in. Many foreclosure states are non-recourse. What state are you in? Mark Moore
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I just lost my home to foreclosure last week with Ocwen. I have been trying for years to get a mod with Saxon then when loan was sold to Ocwen did the same thing. I submitted packets for mod only to be denied. I was approved for the inhome which was too high, and the principle was not changed. I am in los angeles, Ca and my prop went from 700k to 340K, Pretty low. Ocwen turned me down saying made too much or not enough. I paid someone to assist in getting my number right, and that didnt help. Lastly, i was turned down because they didnt believe i lived in property. They requested proof with utility bills and letter from me stating i did. My house was still sold, saying papers came in too late, and when i asked again why they said that wasnt the reason. NOW, i really want them to give me back the house. IT was their fault. IS this possible? A guy wants to charge me $500 upfront to use his powers since he knows Ocwen, but I dont want to pay him if its something i can do. He wants upfront but he cannot guarantee me.What should i do?

Answered by stef alonso


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HI Stef, I would not pay anyone a dime unless they are an attorney and the intent is to file a lawsuit. Even then the possibility of getting the sale rescinded based on the denial of a modification would be slim to none. We completely understand that this is very frustrating but there is no law that the lender must modify the terms of the loan. This is completely at their discretion. We are not seeing large principle reductions which means that even if you get a modification you will be strapped with negative equity for years to come. Sean O'Toole wrote a blog post about this specific situation. Go to http://www.foreclosuretruth.com/blog/sean/loan-modification-denied-dont-worry-be-happy/. I personally know the people he references in this blog post and can tell you that although they were sad to lose their house there is a tremendous amount of relief that this is over and they can restart their lives. If you want to continue to pursue this matter and feel very passionately about the fact that you were mistreated in this process we would encourage you to contact your local elected officials and tell your story. These are the people that represent you and have the ability to make changes or potentially help you if you still want to pursue a rescission of sale. Good luck and keep us posted on what happens. We are certain that others reading this post may benefit from your experience. Michelle
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Home-liberty, help save your home and charge an interest of 10%.

Answered by Gloria


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Gloria, I don't believe we heard from you, so I am not certain how much you were able to look in to the HomeLiberty FastTrack program. While you are correct that the 30 year fixed payment program has a 30 year interest rate of 10%, I think you may have missed that no interest is accrued for the first 13 payments (as long as they are on-time). That means that the loan is a 0% loan for the first year (and a month). More importantly, because the payments are applied to principal reduction, the homeowner should have about 20% of the house paid for after the first year. To put this in perspective, if they had qualified for a 4% loan, it would take them over 60 months to achieve the same principal paydown HomeLiberty provides in 13 months. If they refinance is 1 year, their true interest rate is 0%, no tricks and no pre-payment penalties. More realistically if they refinance in 2 years they would have paid the same interest expense as a 4.9% loan. If they refinance in 3 years, their effective rate is 6.8%. If they don't refinance in 3 years, it's probably because the HomeLiberty rate is looking like a better deal to them in 2015/2016. If you are still hoping to save your home, I hope you give our program a look. Mark Moore
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My Calif, house was auctioned in foreclosure and sold in 2011. Recently, I received 1099 Tax report, showed the tax amount larger than the amount that the house was sold . We lived in this house for TEN years, the house was our principal resident. Is there any Federal or State law that will forgive of the amount reported on 1099? If there was such law, can you please write me about it? The person who do our taxes is telling that we have to pay taxes on the total amount that bank reported under 1099, is he right? Loan amount was $ 400,000.00 it was sold in foreclosure for $198,000.00 The bank is reporting $ 235,000.00 as their loses, which is the amount that we have to report on our taxes.

Answered by SD


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You may be entitled to relief under the Mortgage Forgiveness Debt Relief Act. Note that it may only apply to you if the $400k loan was used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. If instead you refi'd and took cash out to buy a new car, boat, or motorhome, then you are stuck. Details here: http://www.irs.gov/individuals/article/0,,id=179414,00.html. Sean
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In 2011, our Ca, house was auctioned as foreclosure. Originally, our house was paid in full, in year 2001 we refinanced the house, took a loan against it to do additions. In year 2004 ,again we refinanced the house , paid the original lender, then we owed the new bank , as FIRST LOAN on our house. We paid our monthly payments without missing ever, until the end of 2010. The loan and the house was under my name, as sole and separate property. My wife’s name was not on either the loan or the house. We tried to work with the lender, they gave our loan to another bank which they foreclose on us and auctioned it in mid 2011. An investor purchased the house in auction. After a short time, a member of my family raised the money and purchased it back from the investor, paid the investor a good profit and put the house in (LLC). Now the house is recorded under (LLC). 1) If (LLC) sells the house to my wife, as her sole and separate property, can the Lender put lien on the difference of the amount of the loan and what they auctioned it for? 2) If my wife owned the house, can she sell it to anyone without having problem with the title insurance or the original lender? 3) Or, Can (LLC) sell it to any buyer without having problems with lender of a clear title? Thank You.

Answered by DM


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With only the one loan, and that lender having taken their "one action" you should be ok. That said, the real key is whether or not you can get title insurance - I'd suggest talking to a title company and seeing if they'll insure the transactions you outline above. Sean
I agree with Sean that the situation you describe should be perfectly fine. Definitely pay to have an experienced real-estate lawyer review your situation. The money will be well worth it. I also agree that it may be difficult to get title insurance. if you are in the bay area (San Francisco), Orange Coast Title in San Jose understands this situation and will issue CLTA or ALTA title insurance. This is the company we use, and all of our homes are purchased at short-sale or foreclosure and sold back to the original owner. For what it's worth, your LLC trick is OK, but overkill. California is a single action, non-recourse state. Your lender cannot recover the deficiency once the foreclosure sale is final. The LLC can be useful for people in your situation, but with more than one loan against the property at foreclosure. Personally, I do not recommend using an LLC for this situation since its sole purpose is to hide true title. That kind of intentional information hiding from the lender is fraud (though it would be difficult to prove if you have setup the LLC correctly). We believe there are more direct and honest ways to protect against junior liens reattaching if that is the issue you are trying to address with the LLC structure. Mark Moore
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My Mother-in-Law ownes her Mother's home in Michigan and obtained a reverse mortgage against the property in her Mother's name. Her Mother passed away about 1 year ago and the property is now being foreclosed by the reverse-mortgage lender. The house is my wife's Grandmother's house and has sentimental value to her. We have the cash to purchase the property at auction but now that I know the values involved, I am thinking it may be better to wait until it is listed after the sheriff's auction. The reverse mortgage amount was significantly higher than the current value of the home (60% higher) and my assumption is that the opening bid will the amount owed the reverse mortgage lender. The property in the area has been depressed lately and sales seem to be slow. My questions are : 1) Are my assumptions correct that the bid at auction will most likely be what is owed the foreclosing lender? 2) If I want to buy the property at a fair market value, it is better to wait until I see it on the market after the auction? 3) Would a local real estate agent know the sales market for this particular home prior to an internet-based mls search? Thank you for your time...

Answered by Bert


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Hi Bert, We do not cover Michigan so I do not have any practical experience to draw from when it comes to the foreclosure process in Michigan. I did look up Michigan foreclosure laws and was surprised to see that the process for Foreclosure By Advertisement (uncontested) is over 300 days on average. You should consult with an agent in your area or an attorney that is familiar with the standard practices in your area. Better to spend some money and get some good advice before making a decision. Michelle
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Thank you!!

Answered by Gloria


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Our divorce was finalized in October 2009 and my ex-wife was awarded the home and property. I was awarded an equitable lien payable upon her moving out, refinancing, or re-marrying. In April, 2010, she was re-married and moved out of the home. The home was left abandoned for 11 months during which it was broken into and copper pipes (plumbing) were removed from the property. Citimortgage began foreclosure proceedings without my knowledge or participation. Citimortgage did not advise me or even include me in any foreclosure proceedings until I became proactive in March of 2012. I moved into the home and made known to Citi that my intentions were to retain home-ownership through loan modification. This process was frustrating because Citi was very difficult to deal with. They began the home-retention process as per my request but halted the process multple times because they would call my ex-wife (not me) and she would tell them that she was not interested in retaining the home. Furthermore, I was curiously unable to speak with the agent assigned to my case. He was often unavailabe even though I was told that he was in the office. He also missed our set "appointments" to speak on the phone. I was often transferred to other agents who told me that they could not help me because another agent was assigned to my case and that he was the only one who could help me. I finally insisted on holding onto the phoneline until he was available. After about 30 minutes on hold, he finally came to the phone and gave me instructions and a list of documents I would need to give to Citimortgage in order to retain my home. It was now less than two weeks away from the foreclosure sale. I was told to fill out an application online on their website which was curiously "lost" in the process and I had to begin all over again. I was advised that I did qualify for a loan modification but that the necessary documents were needed. Among the documents I needed were two paystubs from my newly acquired employment. The foreclosure sale was set for Monday and I advised Citimortgage that I would not receive my second paycheck until the following Friday. I was told by Citi's agent that Citi would accept a "letter of employment verification" instead of a paystub. I turned in this documentation and still, the sale proceeded. There were no bidders or buyers and the porperty was sold back to Citimortgage. I feel like I have not been dealt with fairly and that I was "railroaded" into the sale. I immediately contacted Citimortgage and made them aware that I still intended to retain or redeem my home ownership. They advised me to contact the Trustee attorneys' office and let them know of my intentions. Today is the day after the sale and I live in the state of Utah. How do I retain my home ownership? What is the next step? Any advice would be greatly appreciated. Thank you.

Answered by Espin


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Hi Espin, There is no right of redemption in the State of Utah. Unfortunately the lender is not obligated to approve or offer a modification of the loan. There are larger title issues at hand with your story. Even if you had modified and saved the property you only have an equity stake (equitable lien) and you would undoubtedly not have clear title. It is not clear from your story if the proper changes to the deed were made following the divorce. In this case I am not sure if you have grounds for rescinding the sale. The only way you will know for sure would be to hire an attorney. Michelle
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Thank you!!

Answered by Gloria


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Thank you!!!! Did you look on Fannie Mae's website? also check More options to rent your foreclosed home-CBS News/Money Watch/August 21, 2012 10:36am.

Answered by Kim


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Is it legal in alabama for a foreclosed property to be reassigned to someone else in the redemption time period by the foreclosed victim?

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Thank you!!!! Did you look on Fannie Mae's website? also check More options to rent your foreclosed home-CBS News/Money Watch/August 21, 2012 10:36am.

Answered by Kim


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Is it legal in alabama for a foreclosed property to be reassigned to someone else in the redemption time period by the foreclosed victim?

Answered by Phyllis


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Hi Phyllis, According the the National Mortgage Servicers Reference Director the debtor and "certain other parties" have one year to redeem the property after a foreclosure sale. The redemption statutes can be found in the Code of Alabama 6-5-247 through 6-5-257. Michelle
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Can her father "gift" the house to her? Then, once the house is in her name, she could refinance it and repay her father. Just a thought.

Answered by David in California


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There is nothing that prohibits gifting. There would be very significant tax consequences, so *definitely* seek the advice of a good tax guy. The banks will see all the movement in the title chain, so that may be difficult to get past for a while. If the parents already bought the house... why can't Brian and his wife just pay them a nice interest rate? I am certain mom and dad are not getting 5% or 6% APR from their CD or retirement account. Brian, you must have been paying 6% or more on the house if you bought it 5 years ago. Now the principal is significantly less. It sounds like it is win-win if you and your wife simply sign a mortgage with your parents (or whoever actually owns the house). Am I missing something? Mark Moore
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The Fannie Mae deed-for-lease and the other programs mentioned in the CBS News article are just for renting. They are not rent-to-own. For homeowners that want to rent-to-own or to repurchase their existing home with financing, there are other solutions available.

Answered by Mark Moore


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Fannie's Mae website talks about all the rental programs that they have also I they say you can call them, I have found either to be true so far. I beleive The Fannie Mae rental programs would be great only if you can get them to back them..Bank of america and citi, freddie mac have some of the same programs if you find out anything please share Forclosure-response.org Renters Concerns/Fannie Mae 1-800-732-6643

Answered by Kim


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Hi Kim & GLoria, My relative was referred to the program when the agent assigned to the property showed up to offer a cash for keys incentive to move. I am not aware of any website about the program but an agent that handles Fannie Mae REO's should be able to give you information or refer you to someone. Michelle
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my loan was sold to ocwen by saxon. i was in my eight trial payment with saxon. ocwen asked for all info again in the mean time saxon foreclosed. is this legal?

Answered by roman


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HI Roman, You indicate that you were in a trial payment plan. It sounds like Ocwen was reviewing the case to see if they would approve a permanent modification or forbearance agreement and instead elected to foreclose. Whether or not this was legal would depend largely on your agreement and the last time the lender accepted a trial payment. You can certainly seek legal advice from an attorney or you can reach out to a free HUD approved counsellor by going to MakingHomeAffordable.gov to review your specific situation. Michelle
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Had a loan wit countrywide Dec.2006 , lost my job Jan 2007 (foreclosure expired Aug 2007) did a repayment plan wit countrywide. made good 3yrs paying the extra 500 (on top of the 1760 mtg) went to refinance in 2010 like the repayment plan said. B of A says no. If I don't continue to pay the 2260 they will foreclose. VA rep. and my Senator (whom i contacted) says they don't have to modify. Should I walk, try a short sale (B of A say they are trying to Mod) I think its ploy to waste time till the Foreclosure date Nov.1 2011. my wife is quit claim on deed but she is not on the loan. should we move on and get a loan in her name. cause my loan is VA loan. (sorry bout being all over the place)

Answered by Disable Vet


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Hi Disable Vet, It sounds like you have done all that you possible can, including contacting your elected officials. They probably will not refinance you because the loan to value ratio is too high. I would normally tell you to escalate it to your senators, congressman and the president but it sounds like you have done that. If you have done everything you can think of then maybe it is time to move on and get your life restarted. You can certainly reach out to a Realtor in your area that is experienced with VA short sales to see if you are a good candidate. It could buy you some additional time in the home while you try to short sale. If not, then the fact that your wife is not on the loan means that this will not affect her credit and provided she has good credit and verifiable income you will be able to recover very quickly. We wish you the best of luck!! Michelle
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Brian, there is no meaningful distinction between default and strategic default. The law doesn't care. You do not say what state you live in, but in a non-recourse state,[1] your purchase money loans have no right to collect after foreclosure. If you live in California, I can give you links to the specific laws. In other states, you will have to dig for yourself (though I would be interested in what you find). So, the mortgages you owed just before the trustee sale were toast as soon as the auctioneer cried "sold". More on this below. In general, as long as you do not lie to your lender or misrepresent, there is no law that prohibits any transaction after foreclosure. The trustee sale is *as is*. No one signed anything saying what they would or wouldn't do with the property in the future. If the home was lost through short-sale or deed-in-lieu,[2] then there are often very real restrictions that could limit your ability to reacquire the property anytime ever again.[3] The ultimate purchase of your home by your wife -- or even by you -- is not restricted by foreclosure. Still, the purchase of your home by your new wife is a significant financial commitment. You should absolutely pay for a real-estate attorney with experience in this area to review your specific situation. It will be the cheapest money you ever spend, no matter the cost. In U.S. mortgage law, there is a interesting item you and your lawyer *should* be aware of before you reacquire title... If there are any debts that *survive* a foreclosure and that debt *had* a lien on your property immediately before foreclosure, then the lien *automatically* reattaches to that property if you *ever* reacquire it. The reattaching lien will be just behind the loan used to repurchase the property, but *in front* of all other liens. Before you reacquire the property in your name (or your wife's name), you should get a confirmation that any secondary loans have been terminated. If the lender will not give you the cancelled promissory note, then you should demand they issue a 1099-C for the cancelled debt. Mark Moore, CEO HomeLiberty, Inc www.home-liberty.com [1] The forum on LoanSafe.org has a list of non-recourse states: http://www.loansafe.org/forum/foreclosure-laws/4130-recourse-v-non-recourse-states.html [2] I recognize this is not the case in your situation. You went through foreclosure. [3] Though I don't know how well those open ended restrictions would hold up if they were ever challenged...

Answered by Mark Moore


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Mark - Just to be clear in CA (and I believe at least some other states as well) any debt typically wiped out by a foreclosure reattaches if the owner later takes title to the property again. This effectively "prohibits" buying the property back after trustee sale. My understanding is that this was put in place after folks started using foreclosure for "lien stripping". That said, you could avoid this, as you allude to at the end of your post, by settling with any junior liens to the point of reconveyance. Sean
Sean, Yours is a prevalent misconception. The law and case law is very clear in California that the foreclosed lien is extinguished by the proceeds of the trustee sale. It is equally clear that any subordinated liens owned by the same lender are extinguished by the trustee sale. I have found a case where a second lien "reattached" after the property was reacquired. Furthermore, the law is very clear that liens for any surviving debt automatically reattach subordinated to the new purchase money lien, but in front of any other liens that may be recorded.. The law is extremely clear that purchase money loans secured by a mortgage have no recourse to collect after the trustee sale. By implication, non-purchase money loans (e.g. HELOC's) have full recourse. Also, if the foreclosure was judicial (very rare in CA), the debt may have recourse after the sale of the property. As I mentioned, it probably makes sense to workout a payoff for any junior liens before foreclosure. They should be *eager* to recover anything. I have heard 20 cents on the dollar as being more than they would expect to recover otherwise. In any case, it would be very wise for a homeowner exercising default (strategic or otherwise) to get a cancellation of debt document from the lenders. If that is not available, they should insist on a 1099-C for tax purposes, and which also serves to document the cancellation of the debt. If the debt is cancelled, it **CANNOT** reattach under any circumstance other than fraud. Mark Moore
What misconception? You agreed with me in your second paragraph. You certainly got to some of the finer points of the issue, but I don't think they matter much, especially since I've seen very few instances where title companies have been willing to insure these transactions. From my experience you can only get title insurance if you get reconveyances from the prior lenders (and at least the junior lender - whether its the same lender or not). Contrary to what you said, you should know that purchase money loans are non-recourse in CA whether whether foreclosure is judicial or non-judicial. Also, in CA non-purchase money loans lose their right of recourse if they are non-judicially foreclosed (the one-action rule). I also think it makes far more sense to workout a payoff on a junior lien AFTER a foreclosure by a senior lien has wiped out their secured interest. You are in a FAR better negotiating position at that point, and they are far more likely to work with you since doing so is the only option they have left. Finally your last sentence is misleading. I think many will mix up the idea that a foreclosure wipes out the secured interest of junior liens, with cancellation. Junior liens can still come after you even if they were "wiped out" by the foreclosure of a senior lien - the junior debt is NOT cancelled, and it can reattach. Sean
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I am in Utah a recourse state. As such my previous lender has 3 months (from the sale, in my case the auction because the home was sold) to come after me for a deficiency judgment. Family is helping but the money is needed back in the next few months. Prior to the auction, we spoke to a credit union and explained our situation A to Z (as we did with every lender we spoke to) and they said they would give her a loan, as they viewed her as a tenant of a home that her landlord was foreclosed upon. After hearing this, we felt that most lenders would look at things the same but apparently not. She initially opted to not use the credit union as time is of the essence and they were saying 40 days to close. We went back and spoke to that credit union again today and it looks like they can still do what they said they could. I am hopeful we can get this figured out soon.

Answered by Brian


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Sorry to hear you are in a recourse state, hopefully the credit union performs so you can at least stay put. Best of luck. Sean
Sean, you are correct about the junior loans. Section 2930 of the CA civil code, " Title acquired by the mortgagor subsequent to the execution of the mortgage, inures to the mortgagee as security for the debt in like manner as if acquired before the execution", David in California
UPDATE: A loan closed and funded for my wife! This was her second attempt at a loan after initially being declined. I am still not out of the woods with my first lender potentially seeking a deficiency judgement. They still have over a month to do so but at this point, it is looking less and less likely that a deficiency judgement will happen. The first has sent me a 1099 for the difference between the sale and what was owed but since it was my primary residence, the mortgage forgiveness debt Relief Act will spare me. My second has also recently asked me for 5K to settle for their roughly 50K loan. Pre foreclosure, they offered me a $3500 payoff when they seemingly had more leverage. Any advise for me when it comes to "lets make a deal" on my second mortgage? As it stands I don't plan to do a thing about my second until after the expiration of the three month period for a deficiency judgement. My first and second were both held by the same bank Brian
Congrats Brian, and thanks fo giving us an update. On the second, I'd first make sure their right to pursue your for the unpaid balance is limited to 3 months. I don't know Utah law, but I do know that some have miscalculated the need for a wiped out 2nd to even pursue a deficiency judgement. If they have longer than you think, it may change your calculus. On the negotiation, all I can say is start low. Tell them the bankruptcy attorney says he can make it go away for $500 and you'd rather give them the $500 then the attorney. Tell them it might be worth an extra $100 if they can fix your credit too. You probably won't get either, but perhaps you'll land in the middle at $2500 and that would be a great end to your saga imho. Sean
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Can you tell me about the progran, do you happen to know the website? thank you!!

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my husband passed away aug. 2010. our home was foreclosed on nov. 2010. his name only was on the loan but i understand that i have some rights under michigan law as his wife. My old lawyer failed to file in probate and I was told that this was taken care of. I am with a RE lawyer who now is filing in probate. There is an appeal pending for eviction. We are trying to negotiate with the lender to sell me the home on short sale at current market value. What are my chances that this could happen and the length of time involved. He was 45 @ the time of his unexpected passing. I am his widow with 2 boys ages 12 & 13 and want to keep the home that they"ve always known.

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Hi Cheryl, It sounds like your lawyer is doing all that he can. Although I have seen some really good things come from situations like yours I have also heard some horror stories. Michigan has been very hard hit by the foreclosure crisis. Your elected officials are working hard to try to help homeowners. It sounds like you have a very unique story with an untimely death. You may want to take the time to reach out to your elected officials. Write to your state and local congressmen, senators, mayor of your city, supervisor, and president. I have seen the political process move mountains when you can get the ear of an elected official that can make the right calls. Becoming the "face" of the foreclosure crisis and telling your story certainly won't hurt your cause in any way. Keep in mind that even if the results do not go your way your boys have you and that is all that matters. Sometimes walking away from a big mortgage is the best blessing. My family fought for 5 years to save our home and the we realize now that 20 years have gone by that we wish we wouldn't have wasted the 5 years fighting. Those are 5 years we cannot get back and at the end of the day it was not worth the fight. I wish you the best and hope that you will return to this forum and tell us what happens. Michelle
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After 3 years of trying to work out a program with BAC, a sheriff sale was completed 05/10/2011. We have a 12 month redemption period in Michigan. Although our financinal situtation has improved significantly, we plan to offer the property for sale in September and if not sold, will considering redeeming the property. Now we just received notice that BAC has referred the deficient amount to a collection agency. We knew the bank would have up to 5 years to attempt to collect, but after just 4 months? We have 8 months remaining for the redemption period. Has this happened with other folks? By paying off a significant amount of previous debt, has this triggered the collection action?

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We are in the same boat here in Michigan, I am wondering if this will happen to us? We are trying to buy our home back, and we are paying down a bunch of debt in order to get a loan. Just wondering how things worked out for you? Mari
Home is currently for sale; quite a bit of traffic, but no offers after 2 months. Will attempt to find financing after 1st of the year. Working with an attorney regarding the Fannie Mae collection issue, nothing new happening at this time. Still paying off debt ~ only 4 more bills to go .... Bob
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Do you know anything about the new renters programs offer by Citi, Fannie and Bank of America? are they safe? Do you have any other suggestions? Thank you

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Hi Kim, I have relatives that have taken advantage of the Fannie Mae rental program. They are 6 months into a one year lease with Fannie Mae and so far it has been a great program. Michelle
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Jose, you do not say what state you live in. If you are in CA or AZ, there may be a program to let you get your house back. You said you "surrendered" the house in bankruptcy, but I'm not sure what you mean. Did you do a Deed in Lieu? Or did you vacate the property?

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My name is Jose, and my situation is I have a bankruptcy and I surrender the house. The house owe 225 k and only worth 48k. I tried to get a loan modification to reduce the principle but was denied. I'm currently on the beginning of the foreclosure proceeding . I'm trying to keep the house. Any suggestion. My chapter 13 is completed

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Our home was foreclosed by Wells Fargo 13 months ago. We were first time homebuyers under an FHA loan. We have been living in an apartment for the past 13 months. Our house is now up for sale under HUD foreclosures. My brother offered to buy it, then "lease to own" to us. Can this be done legally in South Carolina?

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HI Ethan, I am not familiar with the laws of South Carolina. I know that there has been much debate on this issue in CA and whether or not the debt could reattach if the prior owner took title to the property. My guess (and it is just a guess, you would want to seek advice from a professional in your area) is that there would not be a problem with your brother purchasing the property and then leasing it back to you with the intent of one day selling it to you. The real question would be whether or not you could get an owners title insurance policy. As the question of your local title company and see if they would have an issue insuring you once you decide to formally purchase the property back. If they have no problem and you could get a title policy then I would consider that a green light! Michelle
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Hi - I've actually sold a number of homes I've purchased at auction back to the homeowners, so this isn't as unique as you'd think. The primary issue is that the law often states that the wiped out debt can re-attach in the event the homeowner regains title to the property. These laws were put in place to try to keep property owners from using foreclosure to strip debt away. For the particulars in your state you'll need to talk to a title company or attorney.   On the deals I've done, the buyer has used a close friend of relative to hold title.

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Sean, are you talking about that the mortgage debt that was on that property before selling at the courthouse can re-attach or did he mean any debts they had and didn't pay such as a car loan? I just got off the phone with both a CAR attorney and a title officer and asked them about this because we just purchased a property here in California at the courthouse and the owners who lost it to the bank are interested in purchasing it back. But because I saw your answer on the forum I called the CAR attorney and the title officer to ask them about this and they aren't familiar with a law that the debt can re-attach in the event the homeowner regains title to the property. Thanks Dan
Just the debt secured by the property. If the title co that is handling the sale is willing to give your folks an owners policy insuring them against it, and they can get a loan, I say go for it. I learned about this after I lost months trying to help an owner only to find out the lender wouldn't fund because they'd be junior to reinstated debt. Sean
Hi. I read your post and I hope you can help me. In Oct 2009, I rented a home. The landlords were friends of my daughters. I asked the wife if this home was in danger of a foreclosure. She assured me no way. We trusted them and invested a lot of money in home improvements that tailored our family's needs. We trusted them. What they failed to tell me was that the home was still in probate. They failed to tell me that they weren't using our rent monies to pay the mortgage shortly after we moved in. The house went into foreclosure Nov. 2010, The landlords had abandoned all maintenance of the property in July 2010. I was shocked. This was very heartbreaking coz the house I previously rented for 8 yrs was also thwarted by a foreclosure, hence, the reason I asked her if her house was "safe." The house went to auction Jan 2011. The sale to a buyer fell through. So in Feb. the bank repossessed the home. In March I was given the option to vacate or buy the property. I want to buy my home becoz it's my family's home. I'm tired of being at the mercy of unethical landlords and substandard housing. I have no liquid assets and a poor credit score. I have access to HUD programs and am a member of my county's First Time Home Buyers Program. I'm trying desperately to get help in cleaning up my credit to improve my score in hopes of getting an FHA loan. I'm looking into government grants/loans to help with down payment, closing costs etc. So, in my dire and destitute situation, can you help me in any way? Do you know of other means that can help me buy my home? Thank you very much. Take care. Kumiko
Hi Kumiko, In the current market it is very difficult to get a home loan. If you are working with a good loan officer they can guide you on what you need to do to qualify. If you have someone that is willing to buy the property and do a lease option with you that would be one way to potentially purchase the property. That would give you time to clean up your credit so that you could purchase the property in the future. We wish you luck! Michelle
Hi, you state you have sold a number of homes you've purchased at auction back to the homeowners. I am in the process of losing my home and I am looking for something like this ererojas90@yahoo.com
Sean who are you? I have read your comments and I am interested in asking you for some of your kind of help. Citimortgae sold or home after sending us a letter that they received all of all doc's and it was being processed. I called and begged them to help us keep our home I even called freddie mac and begged also. As of today we received our eviction letter from their lawyer stating by today they need to hear from us or the proceeding will continue. Of course it is a Sat. and no one answers. I left messages stating we wish to keep the home and stay. I called Citimortgage again for help they say they no longer hold the mortgage and can not give me advice. According to the letter, Federal home loan corporation now owns it. (which is still freddie mac) I tried calling them and get no one because of it being Sat. their website they have just takes you to freddie mac and the only other number I can find takes you back to citimortgage. I did contact a lawyer or at least I think they are not sure and started working with them right after the sale to try to get them to resend and work with us was told we had 30 days. Sent them all doc's requested only to find out last week they needed more, to start the process and never called me to let us know, so we think we're being played. Have you heard of them Macey Alman and Searns in Az. aka mortgage law group phone number is 866 569-1213. Please we owed $99,000 and have lived here for 15 years. We had 3 deaths in the last year and 2 hospitalizations in our family. We got behind and tried to get help and never fit in their programs. All we wanted was help in paying back our arrears in a manner we could afford and keep our home. I am not sure what they bought it back for- all we want to do is keep our home. If you are for real and have bought homes and sold them back to owners could you find a way to help us. Please contact me ASAP Kim
I have bought homes on the courthouse steps at foreclosure, but not at the stage you are in. I don't think adding an investor into the mix will help you anyway. I hesitate to steer anyone away from getting legal help, but a legal fight with the banks is a very expensive proposition, and the majority of these cases have ended up being found in favor of the bank (though a few homeowners have had some success at least delaying things recently). You probably don't need to worry too much about the Saturday deadline, but definitely work to get ahold of the lawyer Monday morning. When you do reach them, ask who you can speak to about setting aside the foreclosure. Let them know you were "dual tracked" (i.e. you were waiting for a loan mod decision), and that the foreclosure occurred before you were given a final decision, or the chance to bring the loan current. Any documentation you can show to back those claims up would certainly help. I've had a few foreclosures that I've purchased set aside by banks after a homeowner raised a legitimate issue. But what is legitimate in the banks eyes is often different then what the homeowner thinks is legitimate. For example, I've seen homeowners claim they never received notice, yet the bank has a picture of the notice on their front door, with them looking out the window... don't be that person, it won't help. Sean
the sheriff sale on our property was on april 21st 2011...we are devasted. we tried everything to keep our home...the bank would not work with us because they said we had had 2 loan modifications on our mortgage before...we want to redeem our home so badly... my husband is in construction and in the last few years the bottom fell out after owning his own company for 28 years...now he is steadily working and we can make payments but our credit is very bad due to late payments and forclosure.. Could someone please tell us who we can call to finance us so we can stay in our home that we have lived in for 29 years. we can make payments we just need financing and do not know where to look with our bad credit... Kay
Is your home still worth what it was offered at the auction? Do you have a redemption period in your state? Many states but not all have a six month redemption period in which you can buy back your home for the price it was offered at auction. However, if you have any other leins these will reattach if you do buy it back. Be careful and the best advise is to consult an attorney in your area that specializes in foreclosure problems. Wondering what state you are in? Good luck to you. Mike
we are in the state of Michigan Kay
We are redeeming our house and it is being financed by Dort Federal Credit union. You need decent credit and income. Who bought your house and how much would you owe? Dort considers it a refinance so you still have to do an appraisal and get a title search. Callie
That is great that you were able to secure financing for your home. You mentioned that you need decent credit, I am just wondering how one can have decent credit after they have recently been through foreclosure? Are they willing to overlook the last year of credit history? Anyway, good luck to you with the process, send an update when you get the deal done. Mike
Were they willing to overlook the bad credit that the foreclosure caused? Also, may I ask what interest rate you were able to get? Thanks Mike
Hi Kay, You will want to reach out to family and friends or look for an investor that is willing to buy the property and potentially do a lease back to you. You will probably want to look for someone local. You may want to reach out to a local agent that may be able to refer you to someone. Keep in mind that this money is not going to be cheap. Even if you find someone in your area that is willing to do this it may not be cost effective. Good luck. Michelle
The only reasons I can think of that helped my credit was I was never lae on anything just got stuck in a bad modification. Also, the bankruptcy helped my debt ratio. they did not overlook the last year but did verify I was not late on anything but the mortgage. My rate was 5.375% and I had to do a 15 year mortggage 7year arm. It is not fannie mae. Callie
Hi Sean, My husband and I are in Michigan past the Redemption period and are working very hard to save our home. I'm not sure how a buy back would work, would you have time to call me? I would really appreciate your help. (269-355-4191) Thanks so much, Marie and Tim Marie Mann
It goes to auction in 2 weeks but they say they will start the bidding at $660,000. I do not think it is still valued at that. We are in California and I do not have other leins on the home. Karen Springer
Hi Karen, There are 2 different bid amounts that you will want to note. The published bid is the amount on the Notice of Trustee Sale that includes the principle, past due interest and foreclosure fees. The foreclosing lender gets to make the first bid at trustee sale which is called the opening bid. In CA this bid is not typically released until the day before or the day of the sale. It can be as high as the total amount owed on the foreclosing loan or it can be substantially discounted. The opening bid is the one that auction investors want to see since this is the amount they will need to bid against. I hope this helps. Michelle
We are also in Michigan, hired a attorney to help us lower our payments, and catch up on our loan. The attorney did nothing but take our money, and we found out 2 weeks ago our hom was sold. We have 11 months to buy it back, where can we find someone to help us get a loan with a foreclosure on our credit...? Would appreciate any advice.. Ann
Please i need help!! We lost our home to foreclosure in April and we have until October to redeem it which we very much want to do because we have lived in it for 30 years. The redemption price in which we can buy it back is great. it is less than half of what we owe on it but the only problem is we have tax liens on the property. We had found someone to buy it for us at that price but the problem is getting a free title so this person can get the loan from the bank. We are in desperate need of help.. are there any solutions? Is there anyone out there that will loan us the money as a personal loan and we repay them so we can buy back our home? Kay
Please i need help!! We lost our home to foreclosure in April and we have until October to redeem it which we very much want to do because we have lived in it for 30 years. The redemption price in which we can buy it back is great. it is less than half of what we owe on it but the only problem is we have tax liens on the property. We had found someone to buy it for us at that price but the problem is getting a free title so this person can get the loan from the bank. We are in desperate need of help.. are there any solutions? Is there anyone out there that will loan us the money as a personal loan and we repay them so we can buy back our home? Kay
Get some advise from a Realestate attorney because it is very likely that if you redeem the home the old loan can remerge. Putting the property in an LLC held by a relative would be one option. Sometimes you can find investors that will loan you money at a high interest rate say 9% as long as they hold first positiion on the mortgage in the event you default. I don't think you will find anyone who will lend money without the security of the property and a high interest rate. Do not do anything or even get a high interest loan without consulting a good attorney. Good luck to you! Michael
Get some advise from a Realestate attorney because it is very likely that if you redeem the home the old loan can remerge. Putting the property in an LLC held by a relative would be one option. Sometimes you can find investors that will loan you money at a high interest rate say 9% as long as they hold first positiion on the mortgage in the event you default. I don't think you will find anyone who will lend money without the security of the property and a high interest rate. Do not do anything or even get a high interest loan without consulting a good attorney. Good luck to you! Michael
I can relate to your story, My siblings and I have lost my mom's house. And is trying to re purchase it. I would like to be please touch basis with me. Betty G. McFadden
In Florida is there a law about how long you have to wait to buy your house back from an investor that buys your house? karen
do you know of a way to purchase my home back from Citi. Was sold at sheriffs sale during divorce. Kids and I have no where to go. Can not get any answers from citi. Any advice would be much appreciated. Running out of time. thank you so much! Ellen
I would very much love to speak with you. We did the same thing hired an attorney, they did nothing we have until Feb., to buy back our house, how the heck do you get a loan when your credit is now so poor. The attorney won't even return our calls, I wonder if we used the same SCAM person? Mari
if you can purchase my home that is in foreclosure, do you sell back at fair market value and hold the mortgage, until I am able to refinace..I wish to keep my home if possible Roseann
Please.....how did it turn out for you....im having same issue...yet when i filed chapter 13 trustee said papers not signed my notory therefore mortgage invalid...now today i find out my house sold on sheriff auction...they waiting for court to confirm sale.....its crazy...plz share dorothy canterbury
We are in the process of losing our home and want to keep it. Turns out GMAC withheld more than one of our checks until the end of the month causing us as they said to default to put things back into rearage of the home causing it to go up in monthly rent from all the late fees, penalty fees and attorney fees, court cost fees of which they refused to waive... Have you dealt with this type of loophole these Mortgage companies are trying to make people believe, and why do they try to rip you off when you are doing your best to keep your home. We really need help to know how to keep our home and get away from GMAC all together...Any Ideas Please help. Rebecca
Hi Rebecca, It sounds like you may have been in a forbearance agreement? I have not seen a lender delay depositing the funds. You may want to reach out to a HUD approved housing counselor for help. You can find one near you by going to www.makinghomeaffordable.gov Michelle
Please please let me know if you we're able to keep your home! I am in the exact situation with the mortgage law group and citibank! I have called Citibank, freddie mac, and the citigroup forclosure lawyers and all I am getting is the run around. I am a disable veteran and the mortgage law group let my home foreclose, I was able to get partial money back but with the money 'retainer fee' I could have been putting it toward the mortgage! I spent 4 yrs of my 5 yrs owning the home in Iraq, I decided to go to school to become something I have dreamt of. Please if you know anything that could help me please let me know! I pray that your familt of. Jen
Jen, I am sorry to hear how you have been given the run around, especially after serving in Iraq. You don't provide a lot of details about the situation, so it's hard to say what can be done. If you live in CA or AZ, we have definitely saved homes. I'm happy to put you in touch with customers of ours, and one of them even commented in this thread. (See the posts by Jennifer below.) Let me know if you have questions. Mark Moore www.home-liberty.com Mark Moore
just going through the same thing you were going through and wondering if you found someone to help you jesus lopez
Jesus, if you are in California or Arizona, you should definitely check out www.home-liberty.com Mark Moore
Hello Sir my name is Micheal how are you? i was reading what you had wrote i was more relieved that that can happen but not relieved of the situation that i am in but i will be okay either way i just wanna exercise my rights just as well as my familys rights for we do not know but we don't understand i am trying to understand and willing to learn the correct procedures to whats happening my mom had bought a house it went to foreclosure then to auction then to the bank. but i have no money and my family dont have money like that but they can get things payed if done right. i would like to get further information by you i dont really have a lot of "time" and whatever else it maybe to be needed to know please help me but i dont wanna bother you or make it an obligation for you to further assist me. i just would like a guide through this situation. Thank you and also Thank you for helping those that bought their HOUSE back from you Thank you. Thank you for your time Mr.Sean and take care. Micheal
Hi Michael, unless your state offers a redemption period you have no "right" to purchase the house back after it is foreclosed. It really just comes down to what you can negotiate with the new owner. Sean
Michael, I am sorry to hear about your Mom's situation. I hope we can help. I think you may have confused Sean for HomeLiberty. I don't believe Sean has a program to help families buy their homes back at foreclosure. HomeLiberty does. Technically, Sean's response is correct. But it depends heavily on what state you are in. California does *not* have a redemption period. Unless there was fraud or bad procedure in the foreclosure, it cannot be undone. He is correct that you can buy the home back from the investor. But, you said your Mom's home went back to the bank. That is REO, and it is a little different. There are things you can do, and REO asset managers are motivated to keep families in the home. There are rent back programs many lenders offer. The HomeLiberty program allows you to buy back the home even when it is REO. If you are in California or Arizona, I encourage you to email me at HomeLiberty directly. Time is very important. Mark Moore HomeLiberty, Inc. www.home-liberty.com Mark Moore
Do you still buy homes and sale them back to the owner?No right away but latter when they fix their credit? I have one in San Jose CA Abelina Castillo
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I need a equity partner. I am in the middle of getting an intent to cure amount on my home in the Colorado Rockies. I have $1.4 million in equity!! I need immediate help. Thank you, Wil

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How much do you need?  I preferrr 100% undivided interest with an option by you to buy back during a period.......if you do not exercise buy back you lose option price.  Make sence?   I will be in Longmont, CO in May and in the rockies in July Mark henderson
Do you help people repurchase their homes on contract? I lost my home on August 5th and am looking for private financing. I will be able to repay the money within a short period of time and am willing to rent my home in the mean time. I am willing to negotiate any realistic option. I am a widow with 4 children and have been in this home for 17 years and only had financial difficulty for the last few years. If you are able I would appreciate any advise. Susie Costa
Mark I need help with my home too do you help people with that if you do could you please invest in ours so we can keep it and buy it back from you? We are in Co and need help now from a private party. Please contact me ASAP Kim
Mark, do you loan people money to buy their home back during redemption period.. Please we are trying to stay in our home that we have lived in for 30 years... we are both working and can make a house payment. We do have tax liens on our property so we cannot find financing.. We are desperate to stay in our home! thank You. Kay
Mark, do you loan people money to buy their home back during redemption period.. Please we are trying to stay in our home that we have lived in for 30 years... we are both working and can make a house payment. We do have tax liens on our property so we cannot find financing.. We are desperate to stay in our home! thank You. Kay
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I am currently going thru a foreclosure sale date is set for December I currently am in VA. My question is if I have someone bidding at the auction to obtain my home and rent it back and they don't bid high enough, can we try again after it is bank owned? I know sometimes the lender will maybe settle for a lower amount after it goes thru auction.

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First, after the forclosure you can have a lean for the different of the short sale. Now the bank have 2 obtions

1-Garnage you salary and put a lien on all your property. 35% of the time can hapen.

2-Give you a 1099R. this is that the bank relase you from the other amount, but now you need to paid the IRS as a Capital Gain

a-exepetion= if you only have 1 house you need to go to the IRS and fild the exeption application.

Now your answer is Don't buy your house beacause the bank going to put a lien on the house.

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I stilll have redemption status time left to buy my real property back. It was land an double wide home. Which stated in contract was real property. All we wanted was the land. They told numerous people who wanted the double wide no. they would not split for them. Then sold the land to contractor an removed double wide. Do I have legal rights to buy just the land back. Help please. Live in Alabama

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Everyone should complaint to the president Obama about this foreclosure auction, this is not right this cannot be happen in the UNITED STATES this is not CUBA is like the communist country you have no rights, in California is not even REDEMPTION TIME and the INVERSIONIST are getting rich with other peoples MISSERY!!!

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Hi Gloria - certainly understand your anger, but lets keep in mind that allowing people to stay in their homes, while not making their payments, is a far more communist notion than allowing the banks to foreclose. Also, I think your wasting your time with complaining to Obama. Take a look at the diagram here to understand what you're up against: http://www.unexplained-mysteries.com/forum/index.php?showtopic=217893 Sean
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LET FIGHT FOR OUR RIGHTS!!!!

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My situation is a bit different than those mentioned here. My husband moved out of our home, and has refused to pay the mortgage, although he CAN afford it. He has leased another home for himself and has left me here with our two sons. My mortgage has not been paid since July, since I cannot afford the current payment. I DO work, and can afford a decent mortgage. I have not received a default notice from the bank, but several papers asking me to modify etc, instead. My husband will not fill out the forms. We have put our home on the market for less than it's worth, but nothing here is selling. Is there a way to find a legitimate investor or person to buy my home (short sale) and lease it back to me, or sell it back to me?

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Perhaps, if the math works and makes it a decent investment for the investor. Make sure you understand the math yourself. Investors care about return on investment... simply income minus expenses divided by purchase price. The resulting percentage will have to be at least 6% if you live in a fabulous, high demand, area, and may have to be as high as 12-15% if you are in a really bad area. Make sure you include all expenses (property taxes, insurance, etc.). If you think the number works, then try to find an investor and make your pitch. Ask local Realtors (many advertise that they specialize in investment properties, start there). Or ask around at the foreclosure auction on the courthouse steps. Sean
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I live in Georgia and recently lost my home to forclosure. The home was custom built and is beside my in-laws home and was originally their land that we purchased from them before losing the home. There are issues with the septic and lines that cross over on my in-laws property. The septic tank is only 5 feet from their property line and the septic lines are on their property. We have now found a home and are renting for now, but my in-laws are wanting to purchase the home we lost since it was originally his property. The sign went out front last week and is listed now with Freddie Mac forclosures. The realtor that is listing the property has been giving him the run around. In 2 days she showed the property around 8 times. She had a appt. with my father-in-law the following day for him to give her the offer that he was making on property. She never called, never showed up and he called her that night and she said she forgot. Reminder this is a CASH offer that he is making. Then she proceeds to tell him that she doesn't think Freddie Mac will take his offer and then he hung up. I told him to call her back and tell her that it is not her dicision on the offer that she has to turn it in to Freddie Mac regardless of what she thinks and she was not happy, huffing and puffing he said, so I told him to get a different realtor to put the bid in. Bid was put in last Monday and the listing agent that has gave him the run around told him that he can't purchase the home because he is family. He asked for a document from them stating that Freddie Mac refused to sell the home due to that he is a family member and they still have not sent us anything. We are now wondering if the offer was ever submitted. We have talked to Freddie Mac and requested info on their policy stating no sale to family members but thay can't produce one. Fannie Mae website shows where a family member CAN purchase. If they are not wanting to sell him the home it is going to cost them around 30,000-40,000 to move 2 septic tanks and all the septic lines, plus bring in fresh dirt and fix his property. If anyone has any advice please respond.

Answered by Shannon in Georgia


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Shortly, my parent’s house will be auctioned in California. My sisters, cousins and I raised some money to go to the auction and try to purchase their home back. Questions: 1—Can four people, each with their name on their cashier checks, register as one buyer and bid on the house? 2---- Is it legal in California to purchase back our parent’s house ? 3—Since our last names are the same, except to my sisters, which their last names ends with my father’s last name along with their husbands last name too( example) Martin Smith, her name would be Linda Smith-Anderson. Would lender refuses to record the house to our names, especially if they know that we purchased the house back for our parents to keep them in it, is that possible and is our action legal? 4—The house and the loan was under my father’s name, my mother did not sign on the original loan and she had nothing to do with the house, because it was recorded as (sole & separate property ) . IT IS LEGAL FOR MY MOTHER TO BUY IT BACK AT THE AUCTION, IF WE HELP HER WITH THE FULL AMOUNT OF THE AUCTION AMOUNT? 5—IS IT LEGAL FOR MY FATHER & MOTHER OR EITHER OF THEM BID ON HIS HOUSE AND GET IT BACK AT THE AUCTION? IF SO, CAN THE LENDER COME BACK AND SUE HIM OR MY MOTHER FOR THE REMAINING AMOUNT OF THE LOAN ? 6—When we give the cashier checks to the auctioneers, how long before the lender register the house to our names -?

Answered by Martin Jr.


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Hi Martin, When qualifying to bid all bidders must show ID and proof of ability to pay on the spot. One person can appear for the group or all 4 can appear. It is legal to purchase your parents property at trustee sale. Keep in mind that you would not want to put your parents names on title because the debt could reattach. Also, you may not be able to purchase an owners title policy after the trustee sale if there was junior financing. The title companies typically will not insure them when a junior loan is wiped out. Be careful if you decide to put it in your mothers name. If the lender can make a case that there was no break in the chain of title then the debt could reattach. Make sure you do your due diligence and consult with an attorney before you record the trustees deed if you are the winning bidder. If you are the winning bidder you will get a receipt and the trustee will send you the trustees deed. It is up to you to record this. Provided it is recorded within 15 days of the sale then the sale is effective retroactively to the actual sale date not the date it was recorded. Michelle
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You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 5% below market.And lender deals typically include title home insurance, which removes much of the risk that accompanies buying homes earlier in the foreclosure process.

Answered by Bob Kane


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I Lost my home to foreclosure was sold November 2009 , please what should i do I am in the state of Virgina. what i didn't understand is, i was working with the bank about saving my home and they've told me they're going to help me so i can stay in my home .I send them all the document they asked for (pay stabs , bank statements ,ex....) I've been dealing with this since July now they're saying OPS we sold your home . HELP I HAVE TWO KIDS I NEED TO KNOW MY RIGHTS NOW I CAN'T EVEN RENT BECAUSE MY CREDIT IS GONE TO !!!!!!!!!!!

Answered by LOU


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A similar situation happended to me. My home foreclosed and was sold at sheriffs sale without my knowledge. it was very quick and happened before i knew it. i had almost no knowledge of this. what you first need to do is fins out who now owns your home. your mortgage company should be able to tell you this. also DON"T walk away!!! if you still want to keep your home fight to the end. after you find out who owns it now contact them immediately and tell them you wish to repurchase your home and what would they be willing to do to work with you. I was blessed with my family's help and was able to repurchase my home and keep it. It took a year and alot of phone calls everyday. keep track of everyone you speak with. of every 10 people you talk to maybe one is willing to listen and help. just beware of any scams and peopole telling you they can help you for money upfront. I was scammed out of 500 dollars for a company whoe could not do anything for me. they then wanted an additional 2000.00. DONT give up hope....also consider contacting your attorney general. thats what they are there for. I wish you the best of luck... Beth
Hi Beth- I'm writing an inspiring article for a major women's magazine about women who fought foreclosure and won. I'm looking for someone just like you to profile--a woman who bought her own home back. Would you be willing to be interviewed?? Sara
Sara, My family and I are in situation similar to Beths. I'm not sure what you want the tone of your article to be but my family and I almost became victims of the banksters latest predatory lending scheme. We have been on all sides of this loan modification/ foreclosure nightmare and I feel may have a story worth telling. Even if it only means that so many others like me do not feel alone and can see some light at the end of the tunnell Cyndi
yes this happen please let me know if you got your house back and its not a scam carmen lewis
I am also in the same boat, lost my job, 14 months later got another one making 1/2 of what I made before, got behind on mortgage in late 2009, working with the bank on a modification since early 2010. They denied me in March 2011 due to paperwork questions (never rec'd phone call from them), the bank had me resubmit paperwork again in April (have submitted it three times since then), told me there was a foreclosure date, but they put a stop/hold on it due to the pending modification. I keep calling for a status on the loan, they said they are transferring my loan at the end of month (August) to another company. Went to the county tax website yesterday and my home was sold in July 2011. The bank bought it back. I have talked to these people at least 20 times since that sale and they have never mentioned they sold my home. We are still living in the home. Like LOU, I have three kids and not enough good credit to rent anywhere (FICO 550). I called them asking about the sale, they say they don't have a sale date on file and asked me to call the atty, who I am still waiting on a return phone call. What do I do? Can I fight this? Can they not legally tell me they sold my home? Are they still trying to work with me since they bought it? I have not received any notice saying they I need to move. Should I be out of the house already? Will I be charged with tresspassing? I am stressed that we are going to get kicked out. Ariana
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I've got almost situation with --- Suntrust said they were going to help me so I submitted all the paperworks... I called them every 2 weeks for 7 months then I got a sale date notice. Lender said they will have it postponed -- but still the property was sold-- back to lender. But you know what I won't stop fighting, I submitted another offer to them to buy back the property. i know it's crazy but nothing's impossible. I was able to get my other home modified, so I still feel optimistic about this one.

Answered by billiejean


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My home was foreclosed on in 2011, I was a renter and booted me out. then come to find out that there are Renters Law to protect a renter. Here is the clincher: Fannie Mae has programs in place for a month to month lease for renters, which was never offered to me. My question is I wasnt to rent the home that was forclosed on and then in a few monthes try to but it back from them???? How do I become a renter? as the home sits there rotting! In the state of MIchigan, Renters have rights, but do they reach outside the broders?

Answered by Kim


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Under the Protecting Tenants in Foreclosure Act, they are required to give you 90 days notice before they start an eviction. That does not mean they can't ask you to move sooner, typically offering cash for keys to do so. There is also no requirement that a rental program be offered. If the home is vacant and you are interested in renting or buying it, you need to figure out who the current owner is. Two ways to do this: whoever asked you to leave (likely a real estate agent) may have the listing or be able to direct you to the asset manager. If not, then a deed should have been recorded after the sale, and the county assessors office should at least be able to tell you who the owner is now. Sean
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All the rules have changed in the last couple of months. Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............ https://sites.google.com/site/sueyourlendernow/

Answered by TerryJo


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HI, Sean and Mike, Can you please send your contact info to maryana_bogdan@yahoo.com? I am looking for investors for a home in Northern California

Answered by maryana bogdan


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I live in Michigan , My house is gone to foreclosure, can I sell my redemption right to my sone and he can purchase the home back. I have a cancer, lost my job and that was the reasone to stop paying my mortgage, please help thanks in advance

Answered by Jehad Nadar


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Hi Jehad, To the best of my knowledge a redemption right is not transferable. Your son could give you the money to redeem the property and then you could formally sell it to him after you have completed the redemption. In Michigan the redemption period can vary depending on the lot size of the property and the type of loan that was foreclosed. It would be a good idea for you to seek legal advice from someone in your area that is familiar with the Michigan foreclosure process. Michelle
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Had Litton Loan for 10yrs. going through loan mod. started in Sept. said they would have an answer by end of year.Had to send in paperwork a few times,but finally got it all in. In Feb. got a letter from Ocwen stating they bought out my loan,and needed 10 pieces of paperwork, I wrote a letter back stating Litton almost had an answer and all of paperwork was in. If any questions please call & left my no. Now end of Feb. got a letter stating Foreclosure was going to start, what can I do? lived in my home for 35yrs.don't want to loose it.Thanks Bruce..BHRAM70@AOL.COM

Answered by Bruce


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Hi Bruce, I would reach out to Ocwen and see if you can resurrect the modification. Although it is frustrating when the loan is sold or transferred it is legal and you need to work with the current servicer. Even if Litton had given you a trial mod or verbal approval you would have still needed to work with Ocwen. Keep in mind that the lender/servicer is not obligated to offer a loan modification. Your only other alternative would be to consult and hire an attorney or reach out to a housing counselor in your area. If you fail to communicate with Ocwen then they will likely start the foreclosure process. Michelle
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How can I get my house back was foreclosed on and I was wondering if I can get a loan

Answered by Ruth
from PA


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they sold my home back to the bank i need soem one to buy ti and sell ti back to me i can pay 250 to 350 a month payments and am willing to sign a contract to that effect and i can also have it deducted strat form my checking acount so you knw tht your payment si on time so if there is some one out there that can help me please Fannie Mae has it right now and I'm calling them tomorrow to see if i can work out something with them to buy it back I'm on disability and i just found out i have to have hearing aids put in both my ears and i pray to god that the carcinoma that i had years ago is not coming back so if any one can help me please 209 946 4703 afternoons please i do not sleep very will any more im really scared. property is in ca

Answered by jacqueline ledford


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I lost my home to foreclosure recently in Illinois and my parents are interested in purchasing the property ( it borders their land) and we are getting conflicting information regarding weather they can buy it or not. They were told to put in a bid, which they did at the asking price from Fannie Mae but were denied the bid based on them being related to me. How can this happen when they had no financial obligation to the property or to me?

Answered by Tashina


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Tashina, I have not heard of such a restriction. On the other hand, an owner of a property has a right to sell it to whoever the wish. It may be a Fannie Mae policy. If you do lose the property to someone, please keep in mind that they might be willing to sell it to you (your parents). The new buyer is either a) a family, or b) an speculator. If they are a family, they probably would have some compassion and be willing to sell at the right price (e.g. reimburse them their costs and offer to pay for closing on the next place they buy). If they are a speculator, they will be *more* than willing to sell at the right price. Either way, I am certain they will have no issues about selling the property to your parents. Mark Moore
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We vacated our home in May of 2009 and Citimortgage has yet to sell it. Our original mortgage was for $70k with a 2nd for $60k with HSBC... THe property has gone to auction on numerous occasions and we are in the process of moving back into that area again and are toying with trying to get the house back. We filed for bankruptcy at the same time and the foreclosure was covered under it as well. My question is, can this be done and what happens the 2nd mortgage?

Answered by Chris


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We vacated our home in May of 2009 and Citimortgage has yet to sell it. Our original mortgage was for $70k with a 2nd for $60k with HSBC... THe property has gone to auction on numerous occasions and we are in the process of moving back into that area again and are toying with trying to get the house back. We filed for bankruptcy at the same time and the foreclosure was covered under it as well. My question is, can this be done and what happens the 2nd mortgage?

Answered by Chris


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Hi Chris, Assuming you mean that the property has yet to go to trustee sale you could potentially move back in since technically you still own the property. Because this property and the attached loans were included in your BK it is doubtful that you could now make arrangements to affirm these loans. You may want to reach your to your bankruptcy attorney to see if this is even possible. Michelle
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i hoped for an answers to my questions, so far, no one offered me answers.

Answered by Martin Jr.


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Fannie Mae, are crooks, crooks crooks.

Answered by Gloria


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Is it possible to buy a house back after it has been sold by the bank after foreclosure?

Answered by Ashley


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Hi Ashley, Although it is possible but you would typically need all cash or a hard money lender since it is unlikely you would be able to qualify for a loan. At that point the lender would be listing the property and you would need to submit an offer like any other potential buyer. Michelle
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Answered by jessica
from CA


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I had lost my job for over a year and got behind on our payments. We were in the process of a loan modification when the bank foreclosed a few days ago. I received a notice that Fannie Mae now owns the house and we have option of renting for a 12 month period or to buy back the property. We live in CA so there is no redemption period. Can we buy back the property for the amount it was foreclosed for (the house is not upside down)? Obviously, now our credit is shot, but can we put an earnest money deposit of perhaps $5,000 with the understanding that we will have funding within 60 days, whether through a creditor or family? Will the realtor that represent Fannie Mae accept such an offer? Thank you for any advice you can give.

Answered by Lin


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Hi Lin, In your case you are very fortunate that Fannie Mae now owns the property because they have some options (like the rent back) that other lenders do not offer. Discuss your situation with the Realtor that is representing Fannie Mae. They can explain some of the different programs and put you in touch with the appropriate representative. Fannie Mae also has their own financing division. You can certainly reach out to them to see if they are willing to lend to you following the foreclosure. You can go to the Fannie Mae site www.homepath.com for more information. Michelle
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Hello....I live in my brother's home with my daughter; it went to auction Oct 19, 2011. I live in Michigan and have 6 months to redeem it....problem is...he's in jail. Can I buy the house back from bank as his POA? Thanks so much....Alison

Answered by Alison


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Has anyone had a situation where by their home equity loan moved to first position due to the title company not closing the account when the home's larger mortgage was refianced for a lower interest rate? We live in Michigan and when our equity loan matured, they told us to stop sending in payments and they needed the complete amount or nothing. This happened in March of 2010 when the economy was terrible here and my husband had lost his job. Long story short, they wouldn't modify so within a few months they began foreclosure because they knew they were in first position and would have no problem getting their money first. This got worse when we consulted an attorney and were advised that we needed to file bankruptcy to prevent what we thought was our primany mortgage from filing a deficiency judgement against us. After much thought we went ahead with it. We filed bankruptcy last September and because our home is tangled up with the court truste due to the bankruptcy and the first and second position banks trying to sort out who is entited to the first check. Sadly, like so many situations our home is worth about 50% of what it was just 5 years ago. So it was the perfect storm lining up with the bad economy especially in Michigan coupled with a title company mix up. I recall when we did refinance our home the representative had stacks of files in the back seat of her car and she said the had done about fiften refi's that very day. This was back in 2002. I was just wondering if anyone else has had a similiar experience and what the out come was. Thanks to anyone who takes the time to write.

Answered by Michael


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Hi Michael, I have certainly heard of this problem affecting auction investors but I have not heard of a situation that has affected a homeowner. I know that in CA when you take out a new loan the other loans either need to be paid and reconveyed or subordinated. If this was not done then there could be a claim against the title company. It sounds like you may need to consult with a real estate attorney and open a claim against the title company that insured the lender on the new loan. Look in your document package that you received at signing or at close. In there you should see the lender instructions to escrow regarding the lien position and their instructions on what needs to be done and what guarantees they need in order to approve the use of fund and the recording of the loan against the property. It is true that there was some sloppy work being done during the refi boom. It only surprises me that we do not see more of this type of problem. Keep us posted on how this turns out. Michelle
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Answered by loans
from AK


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I live in Ohio, and have seen no comments about foreclosure and Ohio law. My husband left me, and filed a joint bankruptcy. We have since divorced. I am still in the house with my 3 children. We have lived here for 11 years, and now find out after months of attempts at a loan modification that I was spinning my wheels because my name is NOT on the loan. The house goes up for sheriff sale in 2 weeks. Is it possible for me to attempt to purchase it back since apparently I wasn't on the loan anyway? How long may I have before I'm evicted? How likely am I to be able to rent the house from the owners? I'm so stressed! And of course since I'm not technically the owner, none of the legal paperwork on the foreclosure/sheriff sale is being sent to me, so I'm in the dark.

Answered by Hope


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Hi Hope, The challenge you will have in attempting to repurchase the property is that you have a recent bankruptcy. If the property does go to sale and you cannot negotiate a rent back agreement. We do not cover Ohio but from what I have read the eviction cannot take place for at least 60 days after a sheriff sale. This could mean that you have at least 60 days or more for owners. As a tenant you would be given a 90 day notice under the Federal Protecting Tenants in Foreclosure Act. You can certainly reach out to a local housing counselor. You can find a list by going to www.MakingHomeAffordable.gov. Michelle
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Hello Here is our situation.We lost our home to foreclousure in March 2010.At the time I was Unemployed and my unemployment had just expiered.So we decided to move from Michigan to Arizona,anyways things didn,t work out in Arizona and we moved back to Michigan and I,ve been by our home a couple of times its listed by remax.Wells Fargo is asking $75,000We owed 112,500 before it went into foreclousure.Since then I,m now working is there any possible way to get our home back and possibly cut our preveouse mortgage from 870 to 450?I don,t care if Wells Fargo wants to reattach the exisiting debt to the house,We have made a bad mistake and I want to try to fix the problem and not have a foreclousure on our credit reports.Before the foreclousure started we tried numerouse times to get a home modification and Wells Fargo denied it I told them that I and my wife where unemployed they didn,t listen or care so the foreclousure sale took place on March 10 2010 they bought the home back because no one was bidding high enough.I would really like to get our home back I also know the odds on that happening please help if you can Thankyou for your time Chris

Answered by Chris


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HI Chris, It is highly unlikely that the bank would be willing to extend you credit after a foreclosure sale. Unless you have relatives or friends with good credit that could purchase the property in their name there is no way for you to negotiate with the bank at this point. It sounds like you have been through quite a lot this year. Instead of trying to go back into the old situation I would highly suggest getting a new plan together for your future. Save some money, take care of yourself and your family and figure out what you really want to do. This coming March will mark one year from the foreclosure so you are already one year into your financial recovery. In 2 more years (provided you continue to clean up your credit and pay bills on time) you will be able to qualify for FHA financing and maybe even buy a better home or at least one you can easily afford. You are now in a perfect position to restart your life and do so not overburdened by debt. You say you don't care if they "reattach existing debt" but the truth is you should care. If you are now employed and getting back on your feet the worst is behind you. Instead of trying to go back in time and resurrect the past start looking at your life strategically and making plans for the future. You are in a perfect position to start dreaming again about what you want your life to look like. Embrace this opportunity to start over!! After all America is the Land of Second chances! Keep us posted on how things go. You deserve to live the life of your dreams and who knows, this experience may help you to inspire others to live the life of their dreams! Michelle
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I was decided to bid on a condo at the trustee sale in one of the San Fancisco Bay area auctions last week. It was priced about 35% below retail. None of the regular bidders in this area like condo's so I thought it would be a slam dunk for me. To my suprise the owner (Trustor) showed up and bid against me, won, and took her home back for half of what she owed the beneficiaries. To my knowledge there is no recourse for the beneficiaries, and in CA it is apparently legal for the Trustor to bid on their own property to discharge the leins. I am not aware of any CA law that allows junior leins to re-attach to the property. Can anyone point to specific case law or a statute that would permit this?

Answered by Dan Chappell


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That owner is screwed... all the outstanding debt reattaches. Sean
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I am buying my own home back from the people that bought it at Trustee Sale. If I had of bought it myself at trustee sale, I was assured by my lawyer that the 2nd mortgage (junior lien) would immediately re-attach. I could not get owners title insurance while the 2nd mortgage was still unpaid, even though CA is a no recourse state. They explained that under Section 2930 of the CA civil code, " Title acquired by the mortgagor subsequent to the execution of the mortgage, inures to the mortgagee as security for the debt in like manner as if acquired before the execution", when I went to sell the property in the future, I would have to clear the 2nd mortgage.

Answered by David in California


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Be very careful because I was told that if someone else purchases the home and you buy it back from them, the old leins can still reattac, if the property is in your name once again. It might be a good idea to buy the home in an LLC to protect you from this happening. Check with your attorney. Good luck to you!

Answered by Mike


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Mike, you are correct. In CA the junior liens can reattach when you buy the same property, now matter how many owners are in between. I paid off the 2nd mortgage of $44,800 for $3,000 and got a zero demand letter and reconveyance of deeds from the lender. My attorney says that will prevent any problems in the future.

Answered by David in California


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That should work - congrats on navigating through that, and for being smart enough to seek legal counsel. Sean
Thanks for posting that David. I Googled the statute number that you listed and found a published case that verified everything that your lawyer said. It was an interesting read. It seems that after non-judicial foreclosure, only the position that is foreclosed is discharged if the Trustor takes title to the property. All junior liens reattach and will be reinstated once again as junior liens if the Trustor used a "purchase money" loan to re-aquire the property. So as I understand it now, if the trustor has no junior liens, then it may be to their advantage to bid on their own property at the foreclosure. In the case of the lady who beat me out of her condo, I think she may have an unpleasant surprise when the federal credit union comes to collect the $71K junior lien. Dan Chappell
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I lost my home through foreclosure andit was sold i was trying to do a repayment plan but the denied to not reciving checkstubs, but i did fax them in. The ones the job had provided. Also is there a way i can redeem my home?

Answered by arasely


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Foreclosure laws are different in each state. In California (for example)there is not a redemption period. You can certainly reach out to a housing counselor in your area by going to makinghomeaffordable.gov. Their services are free and they can help you understand your options in your state. Michelle
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Answered by mary
from NY


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It's a bit overwhelming to read most, if not all, of the messages from homeowners around in US experiencing similar situations of foreclosure. Though reasons vary, the hardship dealing with lenders, whether we are able to pay now or desperate to keep our family homes and rent from investors exist regardless of race, gender, or socioeconomic status and geography. It is my prayer that in some small way we can ne comforted by KNOWING that we are NOT alone. For YEARS I thought I was. After 3 years of working with my lender and sending in more than $20,000 CASH for forebearances Believing it was going towards my delinquency...my home was still up for foreclosure AGAIN while I was under review for modification in Georgia. I hired a GA to file suit and was told I had to file bankruptcy...nothing prevented the sale BUT GOD! I know that it is difficult, but let me tell you, AS LONG AS I TRIED TO DO IT- I mean I wrote letters, spent money trying to find a way, cried, prayed, CALLED AND KEPT RECORDS OF CONVERSATIONS AND ID NUMBERS of ppl I spoke to....it wasn't until I STOPPED AND LISTENED....that I began to believe that it wasn't my battle. Sure I still have to work, and will talk to attorneys, and lenders...but as far as the STRESS ASSOCIATED WITH IT...ALL GONE. I THINK I WAS THE ONLY ONE ON THE STEPS OF THE COURTHOUSE SMILING AT THE AUCTION OF MY HOME. I found favor With my attorney and the sale was canceled. There is still work to do, but I KNOW THAT I AM NOT ALONE. For those looking to redeem or buy back or searching for and investor...TAKE A DAY and RELAX. Don't worry about it. Go to the park with the kids. For those of you who have lost a loved one, TAKE A DAY and walk around the neighborhood alone. You are killing yourself worrying and your kids and family need you healthy. MY LAWYER SUCKED...probably will find another lawyer to fight to get my money back...but I won't stress about it! And you shouldn't either. Maybe there is a better home for you. Maybe it's time to travel instead of being tied to a mortgage, maybe the home next door is selling as a foreclosure and you can get that one without it reattaching. Maybe you are like me and WILL KEEP YOUR OWN HOME. I just want to encourage you and let you know that IT WILL HAPPEN. Switch your thoughts and verbal confessions from that of helpless desperation to BELIEVING all things are possible! I'm confident everything will work out for me ALTHOUGH it's just me against the big bad bank. But guess what, they are no match for God. SERIOUSLY. The morning of the sale the SUPERVISORS, SUPERVISOR SAID NO TO POSTPONING MY SALE. but I didn't give up, I could not be defeated, I kept calling, had the right documentation, and God sent an angel to work the phone lines and CANCELED the sale. GOD will send the right investor. HE has already worked it out. I can't get back the last three (four in January) years I wasted STRESSING about stuff I couldn't change. Don't waste your days overlooking those most important in your life (family) mad behind material stuff, What God has for you is for you. And if He wants you with something better, He's already made a way. I love u....although I don't know you...but know that my prayers are with you! You will make it. Don't give up and don't give in. Everything is Going to work out for the good! Just don't lose Faith!

Answered by Re


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I'm a widow, and the house was in my deceased husband's name only, and the mortgage loan also. He bought the house years before we were married. His estate is now going through probate court in Michigan, and the court- appointed personal representative said, "that the house is underwater" so the house went to the bank in the sheriff's sale. Well, I got an estate attorney to see if the bank would sell me the house at the true market value, and I've already had the house apprasied, I still have a 6 month redemption period being that this is Michigan. The home in Detroit our being destroyed and I would pay cash. What are my options?

Answered by Jessica


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i was behind in my mortgage with an ARM and an investor came to assist. they now own the deed to my home and refinance to replace the ARM. What steps can i take to buy my home back if investor is reluctant, or is this possible

Answered by is it too late for me


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Find out what the laws are in your state. In California you have recourse and should know your rights. Check out CA Civil Code 1695 Linda
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I'm a widow, and the house was in my deceased husband's name only, and the mortgage loan also. He bought the house years before we were married. His estate is now going through probate court in Michigan, and the court- appointed personal representative said, "that the house is underwater" so the house went to the bank in the sheriff's sale. Well, I got an estate attorney to see if the bank would sell me the house at the true market value, and I've already had the house apprasied, I still have a 6 month redemption period being that this is Michigan. The homes in Detroit are being destroyed and I would pay cash. What are my options?

Answered by Jessica


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HI Jessica, You need to consult with an attorney in Michigan to examine all options. Michelle
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I gave my home back 3 years ago because the interest rate had went so high. I did not understand when I bought the house that it was not a fixed rate. I was misinformed about getting help to modify loan or get help, this was before so many people lost their home. When I went before the judge he said I did not have to pay any penalties. Because I did not know I should have put house up for short sale, technically it went into foreclosure. What is the chance that I can get another has and have it finance.

Answered by E.jones


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HI E Jones, Under the curent FHA guidlelines they will consider making a loan to someone that had a foreclosure over 3 years ago. Of course this will also depend on your current credit situation (having you been paying bills on time since the foreclosure) and your income (do you have verifiable income). You should reach out to a loan officer in your area to determine you current situation to see if you qualify for a loan and for how much. The good news is that you were in the first wave of foreclosures which means you are now well on the road to recovery!! Homeownership may be the American Dream but we are also the Land of Second Chances. So happy to hear you are ready to start the new chapter of your life!! And undoubtedly get a pretty good deal on a great home too!! Michelle
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my house was illegally foreclosed on...i have robo-signers 3-5, illegal appointed trustees, will not produce the original note...was in modification 10 times with wamu back in 2008 up to oct. 2009 when i had a new loan officer, for the 10th time from wamu, saying my house was NOT going to 4 closure......oct 2, 2009 i sent, faxed, all paperwork again to the new loan office to get the package going and he reassured the house was not going into foreclosure...4 days later it was sold to one buyer only..only one person at the auction....it was sold at 40%of its worth...foreclosure sales want at least 5 to 15 % of the worth.i am from the good ole boy county where the trustees and auctioneers know each other and they know the people who always at the auctions..they give your house away. this foreclosure has no standing....when i put my exceptions in the courthouse, the judge blew it off and radified the sale to a person she knows....my property has a clouded title...courts said radify it anyway....the title company said they would cover if anything happened....i have been through 3 attys. and almost $60,000 dollars on attys. who have no ideas what they are doing..now i have an atty. who has the CLE FORECLOSURE DEFENSE TRAINING.....this man wants my property so bad because the value is 1 million dollars....i... am on the water....this man has had me arrested on a terriost threat, has tried to have me evicted 2 times...broke a automatic stay from federal court.had 12 off duty sheriffs,plain clothes, animal control, a moving truck with 4 men, and him behind.in my yard... was 10 unmarked sheriffs cars, one marked state trooper, 2 animal control vans, one with a horse trailer full of traps and cages....i have a 501-C (3) cat non-kill santuary..they were coming to get them to kill them at the shelter....this is a disgrace what these banks have done to people....i am still in the home and my new atty. is going right to the federal court and slamming out lawsuits............the lady who has the woman's magazine, PLEASE.get in touch with me....there is so much more to this nightmare...hard money lender, extortion, etc.please get back with me...also i am sick and tired of us being called a DEADBEATS because you can't pay your mortager.....80% of the people in this situation had a reason... LOST JOB.....ILLNESS....ECOMONY...we had the business and not the customers....thank you jeanie

Answered by jeanie michaud


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Answered by rose diickison
from AL


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sorry...i got the percentage backwards...on a foreclosure sale they want at least 80% to 90% of the worth of property.........

Answered by jeanie michaud


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I am in MN..my home was foreclosed and sold on Aug. 31. I have until the end of this month (Feb) to redeem or ???? I dont know what to do!

Answered by Chris w


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Hi Chris, We do not currently cover MN but according to my information MN has a 6 month redemption period. If you need assistance you can reach out to a free HUD approved counsellor by going to MakingHomeAffordable.gov. If they cannot help you then they can refer you to someone that can. Michelle
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Sean, you are correct about the junior loans. Section 2930 of the CA civil code, " Title acquired by the mortgagor subsequent to the execution of the mortgage, inures to the mortgagee as security for the debt in like manner as if acquired before the execution",

Answered by David in California


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Thanks David for the code citation! Sean
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I want to say a big thank you to Dr Adodo for the good work he has done in my dad's life and my marriage. He helped my dad in his court case, a spell was cast for my dad 2days before his court case and cause of that the judge ruled in his favor...and he also helped in reuniting me and my husband, i can't explain how he did it I'm actually short of words. But one thing is certain he's so good at what he does, he sure knows how to cast a real spell and the one that works. I'm so blessed by him and he can as well bless you too, all you need to do is to contact him on (dradodojattotemple@yahoo.com)

Answered by faith
from VA


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I want to say a big thank you to Dr Adodo for the good work he has done in my dad's life and my marriage. He helped my dad in his court case, a spell was cast for my dad 2days before his court case and cause of that the judge ruled in his favor...and he also helped in reuniting me and my husband, i can't explain how he did it I'm actually short of words. But one thing is certain he's so good at what he does, he sure knows how to cast a real spell and the one that works. I'm so blessed by him and he can as well bless you too, all you need to do is to contact him on (dradodojattotemple@yahoo.com)

Answered by faith
from VA


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this is a third party who bought it. can you still buy it from them?

Answered by Gloria


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Yes, if they want to sell, which they probably do. They probably just bought the home at auction to resell it and make somewhat of a profit. However, although the lein that was on the property was most likely extinguished when they bought the property at auction, if that loan isn't settled and you buy the home back in your name, the loan or lein you had can come back and reattach. Best to talk to an attorney who specializes in real estate before buying the property back from the investor. They are not cheap but better that than to jeopardize your savings. One option may be to put the home in a business entity such as a LLC so it can't be traced back to you or in the name of a very trusted family member. Ideas to discuss with a realestate attorney. Good luck, I hope it all works out for you.

Answered by Mike


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Our home in CA was wrongfully foreclosed in 2008. We filed law suit and lis-pendence and we still live in the house. Bank agreed in court that they promised to reissue a modification, but didn't and instead foreclosed. Now, we are in settlement discussions and they have agreed to sell us back the house for 500k and it's worth about 600k. However, there's a stipulation in the agreement that they want us to dismiss the case once we open escrow. Because our credit was ruined we asked my mom to purchase the house as investment property with 20% down for us through bank financing. She has qualified for the loan and we have disclosed the relation and the underwriter told me it's okay to purchase because bank has been legal owner of property for last 3.5 years. I'm hesitant on dismissing the case without closing escrow. My attorney says either dismiss and go through with loan process and take chance or reject offer and go to trial. I prefer to put an end to lawsuit and settle, but I'd like assurance that the loan will close. My mom has 800+ credit score, has had investment property for over 20 years and has income to qualify. What is your opinion? Is it legal to purchase the house back through my mom after 3.5 years? I'd like your advise. Thank you.

Answered by Patty


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Here's what I did. My home sold to a 3rd party at trustees sale for $105,000. I approached them and agreed a sale price to me of $139.000. I then (while the property was in the 3rd party's name) went to the holders of my 2nd mortgage of $44,800 and said that since as things stand you will get nothing, I offered to pay off the 2nd for $3,000 in exchange for a zero demand letter and reconveyance of trust. They agreed to this and so when I repurchased my home the 2nd mortgage had gone away.

Answered by David in California


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Foreclosed Home not at auction yet My sister was working with a company to get a loan mod, but they didn't get paperwork completed in time, and the house went into foreclosure. I would like to buy the house, so that she can rent it from me and eventually buy it back. She did not have a 2nd mortgage on it, but the house is worth less than she owes. She put a very large down payment, but the house dropped more than that. I asked my sister to ask the real estate agent representing Freddi Mac if I could purchase it now (before auction), and she told her that relatives cannot purchase the townhouse. The townhouse is in California. I think it would be better to buy it before auction to make sure I get it. From your posts, I see that relatives can purchase houses at auction. Is it tru that relatives cannot purchase the townhouse when it is owned by Freddie Mac? Is there anything else that can be done to re=open the foreclosure, since she was working on a loan mod that probably would have gone through? Thank you for your help

Answered by Sandy


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Hi Sandy, I'm no legal expert, but I recently went through a similar situation. I think you can ask about a short sale. If the house hasn't been sold at trustee sale yet, then your sister still owns it, and she should approach Freddie Mac about a short sale. Alternatively you could buy under an LLC. I believe it costs $800 to register an LLC. David in California
Thank you Sandy for your advice! I have been going through the same thing trying to get my home back after forcloser and it has been stressfull time for my whole family not knowing what to do, We don' t want to let go of our home and at the same time can't afford the morgage after my husbands disability and my lay off from work, you hear the saying when it rains it pours!! but your words and faith in God is what is holding our heads up I totaly agree with you I believe Good has something better, but where and when and how is still in Gods hands and will. I will keep praying for my family and others who are going through the same thing! Love and Hope , Nancy Nancy
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Sean, my presumption is that there *is* a settlement for any recourse debt. And, I presume that the atty would demand evidence of cancellation of debt with full reconveyance. Unfortunately, purchase money liens in non-recourse states (e.g. CA) are not generally considered when the atty is creating terms during a settlement like this. Also, because this settlement is so far *after* foreclosure, it is unlikely the prior lenders will voluntarily reconvey the property. The cancelled note is enough to get a court to issue an order to remove a lien. I personally believe a 1099 (C or A) is prima fascia evidence of a cancelled note, so I usually try to petition for the 1099's to be issued for any forgiven debt if I think the lender or servicer is going to resist producing cancelled notes. What is grossly unfair is that a note with no recourse to collect is not considered cancelled without the evidence of cancellation. So, the lien remains in effect (even though the debt is not collectable). Until and unless the lien is removed by court order, the lien will reattach if the previous owner ever takes title. That will seriously cloud title and limit the owner's ability to sell or borrow anytime in the future. Of course, if as part of the settlement agreement, the lender reconveys the property to the owner, effective immediately before the close of foreclosure, the lien would be extinguished. I have never heard of this happening, so it has always required a proactive effort on the part of the pre-existing and soon-to-be-new owner. Mark Moore, CEO HomeLiberty, Inc. www.home-liberty.com

Answered by Mark Moore


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But I doubt the junior, if any, is a party to her suit or settlement. Are you suggesting she bring a new suit against the junior? Also, just because a lender write's off a debt (resulting in a 1099), that does not mean that the borrowers obligation is forgiven (though I think it should be). Debt buyers have been successfully collecting on written off debt for decades. Sean
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I claimed bankruptcy 3 years ago and my 2nd mortgage was included in the bankruptcy. This happened accidently, but we have kept paying our 2nd mortgage so that we wouldn't lost our home. We have struggled to maintain house payments over the past 3 years and cannot refinance b/c of the bankruptcy. We tried to qualify for a modification, but we didn't because of "too much income". We are considering trying to sell our home to a family friend (who is a realtor) or my mother (who has offered) and then purchase it back from them to "get rid of" the 2nd mortgage which is killing us financially (11% interest and a debt of 100,000). Our total debt is 212,000 for 1st and 100,000 2nd. We would obviously sell for just over the price of our first mortgage. Is this possible. We are in Wisconsin.

Answered by Doing all I can :(


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Using a shill buyer to wipe out debt is likely an act of fraud. The reality is that there is no way to simply eliminate debt, other than a) paying it down, b) coming to an agreement with the lender, or c) eliminate it through legal proceeding like bankruptcy or foreclosure. As you likely already know, bankruptcy, does not wipe out debts that are "secured" - in this case by your home. If it is truly "killing" you, perhaps you should consider short sale or foreclosure so that you can move on with your life? I see far too many people ruining themselves financially to stay in homes they simply can't afford. That said - I'd highly recommend that you contact a local attorney to review your options. Certainly have them explain the risks before attempting what you are considering above. Sean
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Awesome David!! Great job getting the deal done and sharing to try to help others. Good luck to you.

Answered by Mike


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Patty, There is nothing in the law that prohibits repurchasing a property that was foreclosed. You could repurchase the property tomorrow, or even purchase it directly from the bank right now (you on title, and your mom as a co-signer or guarantor). If the bank asks you to sign an affidavit of arm's length transaction, do *not* sign it. You can't without committing fraud (given what you have described). There is no law against repurchase. There are lot's of laws about lying about a material fact. It's fraud. You could lose the home, and go to jail if you lie. I agree with you that I would not dismiss the law suite at the open of escrow. You should be able to make dismissal part of the escrow instructions so that it technically happens immediately before close of escrow (definitely before release of funds). You would simply have your atty prepare the dismissal paperwork to the satisfaction f the bank, and then deliver the paperwork to the escrow agent who you would need to vest with the power to file on your behalf. If the Bank does not agree to that, you should be *very* suspicious. They should have no problem since the escrow agent is bound by law to follow the escrow instructions. There is *no* risk to the bank that you will not dismiss the case once the escrow agent accepts the escrow instructions and acknowledges they have the cancellation paperwork in hand along with the proper authorization. One other item you should require is a copy of the cancelled note from the original mortgage. You will want your lawyer to petition the court to remove the liens that existed at the time of your foreclosure. This is especially true of any junior liens if you had any. A little known fact is that any junior liens that existed at foreclosure *automatically* reattach if you ever retake title. There is no time limit to this reattachment, so even if your mom wills the property back to you in the future, the lien would cloud title. Your lawyer needs to proactively petition the court for removal of the liens, and then take the court order to the county recorder to remove them from the record. You would be best to demand cancelled notes for any outstanding mortgages at the time of foreclosure even if you need to work out a settlement before escrow. For instance, a HELOC loan is not extinguished by foreclosure. Your most leverage is now before your mom takes title, so I would recommend doing this before (or as part of) close of escrow.

Answered by Mark Moore


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Awesome reply Mark. I'm glad you mentioned junior liens (ie. a 2nd mortgage), that would be my concern here as well - at least if there are any. That said I don't see how petitioning the court will help - only the bankruptcy court can strip a junior lien and I doubt she want's to declare bankruptcy. I'd recommend instead trying to settle with those junior lien holders now, before she apparently gains $100k in equity through the settlement (though even then that won't be apparent to the juniors since here mom is taking title). Wouldn't surprise me if they'd release (or reconvey) the lien for just pennys on the dollar. Interesting stuff regardless. Sean
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Hi we recently found out that our home was forclosed. A person came to our home saying we had two weeks to move out. At this time we were working to get a loan modification and had no idea the home was forclosed. According to the people working with our modification our packet to modify was not received in time and that is why the home was forclosed. The sad part is that we did not get a notice or a time frame to submit the packet to our loan modification officer. We have talked to GMAC wich is were we had our loans and they no longer have an account for us. We also talked to the bank who bought our home and they don't want to help us stay in our home. What can we do? Is there a way we can keep our home? We have a family member that is willing to help..co-sign or give a good down payment if he could buy the home. He tried getting information to purchase the home ,but they said they can't do anything untill we move out. Please give us some advice, we have no idea what to do or where we can get help. We don't want to loose our home. We live in CO...Thank You!!!!

Answered by Diana


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I did post this before, but I'll repost it again as it very important and could affect some readers. If you have a 2nd mortgage and your home is foreclosed, you have no liability to repay the 2nd, unless you take possession of the property sometime in the future. It doesn't matter how many owners there are in between. Section 2930 of the CA civil code, " Title acquired by the mortgagor subsequent to the execution of the mortgage, inures to the mortgagee as security for the debt in like manner as if acquired before the execution".

Answered by David in California


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Answered by paulina
from NJ


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Sean, I agre. The junior liens are probably no party to the suit at all (unless the 1st and the 2nd are from the same bank). That is precisely why I was bringing it to Patty's attention. It's an easy thing to miss. The purchase money junior liens have no recourse to collect. I think we agree about that. Given the inability to collect on purchase money junior liens after foreclosure, I would like to hear about buyers of purchase money seconds in California (a non-recourse, single action state). The note is truly worthless. There is no need to sue the lender if the homeowner has evidence of the cancelled notes. It is a straight forward petition of the court and the judge will issue an order to remove the lien. I have not tried this with just a 1099 and evidence of trustee sale. I like to have the actual cancelled note or a letter of cancellation of debt. Non-purchase money junior liens *do* have recourse, and therefore do have collection value after foreclosure. The borrower (homeowner) should negotiate a settlement before short-sale or trustee sale. That is when they have the most leverage with the junior lender. I have heard of settlements in full for 10c on the dollar. And, 20% on debt outstanding should be a very rich offer. The lender will never see $0.20 on the dollar ever again. If there is even the slightest possibility someone might repurchase their property anytime ever, they should seriously get a settlement in full including reconveyance on all non-purchase liens before short or trustee.

Answered by Mark Moore


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"The purchase money junior liens have no recourse to collect." - unless they re-attach after she goes back on title, then I believe they would. As such she should settle both non-recourse and recourse juniors before going back on title. Sean
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Thank you David, I did talk to the investor he ask $250,000 more than what he paid for the house maybe he change his mind and sale to me for a little more which i understand, he bought it $360,000 will see what happens, thank you.

Answered by Gloria


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To be absolutely clear: no. California is a single action state, and it is non-recourse. Purchase money debt has all recourse to collect permanently and irrevocably extinguished by foreclosure (CA CCP 580d). That is well established in CA (and AZ too, fwiw). The foreclosing lender and all junior lenders are entitled to the proceeds of the trustee sale as specified in CA CC 2924, but nothing further. There is no need to work out a settlement for purchase money debt in a foreclosure situation. We both agree there is a compelling reason to get a written settlement (including full reconveyance) for all non-purchase money loans before foreclosure. Right?

Answered by Mark Moore


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Yes, we agree with regard to non-purchase money, but I think your analysis on the purchase money side is faulty. 580d says no judgement shall be rendered, but it absolutely does NOT say that a junior purchase money lien can not reattach if the borrower goes back on title - I believe it absolutely will, and have never seen anything conclusive to the contrary. Sean
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We found a forclosed home that is inbetween the trustee sale (nobody bid=back to bank) and ownership being transfered to Bank of Amer. I've called them many times to check the status. I found the owners and they told us where a key was so we have been able to inspect the property. Bank of Amer. said we could purchase the home from the owners as a short sale, but the owners don't want to do this. can we take possession of the home, make improvements and even pay rent in good faith that we want to purchase the home when it gets listed? If we pay rent, who do we send it to? I've read that if we send it to the owners and they don't put it towards the mortgage, they go to jail.... We just want to buy the house, but hte bank is SOOO SLLLOOWWW.

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Bank of America is just the servicer of the loan. They don't own the house and never will. When the loan was originated they may have held the note for a day or two but they immediately repackaged and sold the note on the secondary market. The moment the trustee sale ended, in an instant, legal title was transferred to the beneficiary of the note and the people who owed the mortgage became the former owners. There is no in-between period. There is no short sale possible. Paying rent and making improvements would be foolish. If you have a key you can move in but you would be considered a squatter. The bank will then either ask you to leave, offer you cash for keys or begin eviction proceedings against you.

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Sorry to sweat such a fine detail, but we are in 100% agreement. The junior lien does reattach. Just like Section 2930 says. This is why I recommend the homeowner petition the court to remove the lien from the record after trustee sale, but before the homeowner goes back on title. This should be done for all purchase money liens that are in a junior position. It sounded to me like you are recommending the homeowner should payoff a purchase money loan that is in a junior position. Am I misunderstanding what you were saying? Paying off a junior purchase money loan for an underwater property is a complete waste of money. Nothing harmful from doing it, but no benefit either.

Answered by Mark Moore


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Ok, if we agree the loan reattaches, then it should be abundantly obvious that one should settle it >IF< they plan to go back on title some day. In any other case you would be absolutely right that doing so would be a waste of money. But its clearly better to pay pennys on the dollar at a time the bank thinks they've got an uncollectable, wiped out, junior debt, than be stuck with the FULL junior debt after the owner goes back on title and that junior debt reattaches. Sean
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This is my point. The lien and the loan are two different documents. The lien is recorded. The promissory note is the evidence of debt. When a purchase money loan (promissory note) passes through a trustee sale, it becomes uncollectable. That is what "non-recourse" means. It means there is no right to collect that survives. The promissory note for the purchase money loan(s) becomes just worthless paper. The law does not speak to the lien, except to say that it reattaches "in like manner as if acquired before the execution" (see Section 2930). Since the debt was noncollectable before, it remains uncollectable after. The reattached lien does not rescind the action of CCP 580d. The lender has no new found right to demand payment. Again... non-recourse in CA and AZ is absolute and the right to recover deficiency does not magically resuscitate. The reattached lien *does* create a nuisance, and WILL cloud title if not removed by court order. There are two ways to remove the lien: one is to payoff the loan and have the lender record a reconveyance. The other is to tak eth eevidence of cancelled debt to the court and petition for a summary judgement to order the removal of the nuisance lien. I suppose if you could pay off the purchase money loan for a few hundred dollars, that would be the easiest. But, anything more and the homeowner is just throwing money away for no reason. Evidence of foreclosure and a 1099-C is evidence enough of the cancellation of debt. The court will issue a summary judgement and you'll be out much less than $1,000. This may be too subtle a distinction, but the junior "lien" reattaches, not the "junior debt". The junior debt remains uncollectable; the holder has no legal right to demand payment (according to CA CCP 580d). Any note where the holder has no legal right to demand for payment is not actually a note. It is simply paper with no other value.

Answered by Mark Moore


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Mark - its an interesting theory, but I think its a stretch and contrary to the intent of 2930. You might get lucky by using a quiet title action to strip the lien using the foreclosure and 1099, but if I were the banks attorney I'd simply point out to the judge that the borrowers going back on title reattached the debt and as such the lien is valid. We honestly won't know until this is tested in the court, and until then I will continue to recommend folks try to settle junior debt before going back on title as I really don't think your theory will work. Think of it this way... what in the world is the point of 2930 if it only applies to the lien and not the note. It is kind of ridiculous to think the point of the statute was to reattach the debt in its entirety. Sean
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I completely respect your position, Sean. To answer your direct question, the point of 2930 is to reattach any surviving liens for unforgiven debts. The point of 580d is to extinguish debt by eliminating any right to recover. This is a well examined section of the law. Both during the legislation, and during the many tests of 580d, the law is clear that the intention is to demotivate banks from financing speculative land bubbles. The intention of the law is that lenders know up front that the *ONLY* recourse they have to forced recovery of principal is through trustee sale or direct sale of the property by the mortgagee. The intent is to strictly limit recovery. CA CCP 580d absolutely terminates any deficiency judgement. Permanently. If you believe a lender has some surviving right to demand payment for any deficiency after trustee sale, then we simply have a difference of opinion. The law is well litigated, and exceptionally clear as I read it. I have not experienced a lender making a successful demand for payment on a purchase money loan after trustee sale. Maybe a reader can cite a case where this has happened?

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I think we'll have to agree to disagree. You are right that 580d does mean that the lender can never get a deficiency judgement, but having the loan reattach requires NO such judgement and does NOT eliminate the lenders ability to collect on a valid outstanding, loan - which is exactly what the junior loan becomes, without any need for a judgement, one it reattaches thanks to 2930. Doing so is NOT collecting a deficiency as you suggest, because 2930 explicitly states that the loan goes back into place as if the foreclosure had never occurred. Sean
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Sean, thanks for your patience in discussing this important but very fine point of the foreclosure law. CA CC 2930 does not say "the loan goes back in place as if the foreclosure had never occurred." It says "Title acquired by the mortgagor ... inures to the mortgagee as security for the debt in like manner as if acquired before the execution." In simple terms, the *lien* goes back in place as if the foreclosure had never occurred. CA CC 2930 is silent about the state of the underlying note.

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Mark, Again - we'll have to agree to disagree. The more you explain the more certain I am that you have completely misinterpreted both the letter and intent of the codes you are citing. Readers - Before ever contemplating purchasing back a house you previously lost in foreclosure, be sure to hire competent counsel - or at a minimum find a title company that is willing to give you an owners title insurance policy that is free of any past junior debt as part of the transaction. Sean
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Hi, I live in Solano County, California. We were in the process of re-financing our home (and sinking $400k into paying down the difference of our loan and appraised value, a very tough decision to make) and found out the title company will not issue OWNERS TITLE INSURANCE, because they can not prove who owns the note, therefore it is a clouded title. We have a jumbo loan $800k with Lehmans, which is now a MERS with US Bank as Trustee. My questions: 1. If we stop making payments, who has the right to foreclose? 2. If our house goes to auction at the court-house steps, can't we just buy it back (or have someone we know) cash? 3. Is there a chance at the court house auction they will be looking for the original note amount? ($800k) 3. Is there a chance it will not sell at our Solano County Court House Steps and we would miss the sale? Meaning, can they auction a house in a different county/state than where it forclosed? Your insight would be appreciated! By the way, there is only one loan on the property. Thx, Shea

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Two things: 1) You should already have an owners title policy from when you bought the house, so there is no reason to get a new one, 2) I find it hard to believe that title company won't issue you an owners policy over "who owns the note" - if there is a recorded deed of trust it will be exception, so there is no liability for them. As to your other questions: 1. Whomever is specified as the beneficiary on the deed of trust. 2. Of course you can, but know that any junior debt will NOT be wiped out, so it generally isn't a good idea. First 3. Yes, they can open the bidding at any amount they want, up to the amount owed. Second 3. It doesn't have to be on the courthouse steps, but they do have to provide notice, and it does have to be in the same county. Best of luck. Sean
I agree that you should already have an owner's title policy. We have done exactly what you describe (buy a home at auction and Grant Deed it back to the original owners), so we have a lot of experience with this. It is very hard to get a title policy issued in this circumstance. Orange Coast Title *is* issuing policies in this situation, but I could not find any other title company willing to consider an owner repurchase/reconveyance. Let me know if you want a contact over at OC Title. To be clear, junior debt that is purchase money debt has no recourse to collect after trustee sale, so you will get a 1099-C or 1099-A and it is effectively extinguished. (See CA Code of Civil Procedure Section 580d.) If your junior liens are *not* purchase money (e.g. a HELOC), they survive and they *will* reattach if you do not negotiate a settlement. You should negotiate a payoff before you re-take title after trustee sale. I personally believe the best time to negotiate a payoff for your junior lien is before foreclosure, but after Notice of Trustee Sale has been issued. But, you should definitely consult with a lawyer experienced with this kind of negotiation. In California, it is required by law to list the exact place and time of the trustee sale at least 21 days before it takes place. If not, the trustee sale is invalid, and the transfer of title must be postponed. You asked "Is there a chance at the court house auction they will be looking for the original note amount? ($800k)" The opening bid can be no larger than the outstanding balance on the foreclosing loan at the time of notice. It can be much more than you think if they add in penalties and certain allowed expenses. My experience is about 60% of the time in northern CA the opening bid is out of market. (Your "$800K" scenario.) If that happens to you, don't let it scare you. You would have lost title, but you are still a tenant. The new owner will need to evict which will take time. If no one bids at trustee sale because the number is too high, the property will go "back to back", aka REO. You can approach the lender and offer to buy the property directly. Many REO asset managers are motivated to keep the original owner in the home. They won't provide financing, but if you can get the cash, they will often accept. BTW, most people don't know, but the pre-foreclosure group inside a bank is almost always *completely* different than the post foreclosure REO department. The guys you deal with when you are trying to get a loan-mod or a short-sale approval are motivated to recover your loan amount. The REO guys are motivated to get property off the books and not crater local home prices. Mark Moore
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Hi, my home went into foreclosure back in 2009 and we were accepted into a modification trial for 6 months. We were told that if we paid each month on time that we would qualify for the modification for certain. The 6 months came and went, with us paying every month on time. The bank told us to again fill out the modification papers and send everything in. We did as instructed and waited for an answer from them, in the mean time the bank would not accept any further payments from us. We were told that the application was in the process of being reviewed and that we would hear something soon. I called on several occasions to know the status, but was told it was still in the process of being reviewed. After approx 2 months of "waiting" I called the office again and was told that I would have to resubmit all the documentation again, because of the time limit. In short, we had to do this process on 4 different occacions. One day, on a friends advice, I went in to my counties sheriff's web site to view homes that were up for auction, not thinking at all that my home was on that list. Much to my surprise my address was on that list and it was to be auctioned off in two weeks. We were shocked. Here we were believing the bank was going to modify our loan. I quickly called the mortgage company and was told that I would need yet again, send in all the documentation. I did as I was instructed, but because the auction was so close and according to the bank, we had not communicated with them in about a year, they denied the modification and the sale went through. We acquired an attorney, who has found a loop hole, in that because I have a 19 yr old (my son) living at the home, he has to be served, and was not. This is allowing us to stay in the home for approx. 6 more months. We currently want to buy back our home, and are trying to find family members that can do this for us. I would like to know if there is a way to sue the mortgage company for dragging us through all this, when in fact they had every intention of not modifying our loan. Any information about this, please let me know. Thanks

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Veronica, I am sorry to hear what you have been through. If you live in CA or AZ, you should definitely get in touch. Our program is designed for exactly the situation you describe where a family does not qualify for a modification, but desires to repurchase their home at or near current market value. If you are not in CA or AZ, your situation may be more difficult. You should contact your state representative. They will have people dedicated to helping families keep their home. Mark Moore www.home-liberty.com Mark Moore
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My husband died 3 months ago. The house was in his name only. The balance of the mortgage is higher than the value of the house, so is there a way that I can buy the house at a short sale? What will happen to the house, since it was left to me in his will, but again, is not worth the balance of the mortgage. The house needs a new roof, new wiring and siding.

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You might try reaching out to the lender... explaining that you have no responsibility for the mortgage, but are now the new owner of the house due to your husbands death, and that you'd be interested in purchasing it. Interestingly they may not be willing to talk to you since you aren't on the mortgage (I've faced this issue as an investor). I'd also recommend talking to an attorney, perhaps the one who drew up the will. Would be good to exactly understand your rights and responsibilities with regard to the property and the mortgage. Depending on the state, deficiency judgements, community property and settlement of estates it may or may not be more complicated than simply asking to buy the property as a short sale. Sean
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Hi Sean. I tried to diligently read all the comments, but it's a VERY long page! Our home was foreclosed upon in Jan 2011. We thwarted 3 prior foreclosures, one with insane negotiation tactics, one with a Special Forbearance, and one with a C13. The SF fell through because of "Liens" on the house. Wells gave a list if liens that were supposedly on the house and the investors declined to continue. The liens were "made up", in the sense that they didn't actually have anything to do with us. Unfortunately, I couldn't find a way to prove this at the time. Much later on, I found out how to do this. But time has been ticking, and the house has been foreclosed upon for over a year now. We're still living in it. Yes, I know, it's a bit of a Miracle.This has been going on since the end of 2008. The reason for non-payment was medical. We've recently been able to secure a nice income, and we were served with an eviction notice. It had been trying to get to us for a year already, so it was bound to arrive at some point. Now, the 19th of this month (yes, this Monday, some 31 hours from now), the police will escort us out of our beloved family dwelling. But here comes the half-miracle: We have a loan prequal, we've been negotiating with Well's attorneys for 2 weeks. They have set a price: 130k, we've met it. And Friday, at 4:30, they decided to let us know that we have liens. Liens, yeah. There's liens on the house. So I'm thinking, is this the same bogus liens they had before? They could e-mail us the list, but no, they don't wanna do that. My question is, why on earth would they mess with us like this? Because we had met their asking price, we thought we would be staying here. We haven't even packed. 4:30 is 1/2 hour before the close of business. There's nothing we can do right now but pack, and time is ticking. Also, why would liens be a problem? Isn't it the lender (another bank) that would take issue with liens, rather than the seller? Why would it matter to Wells? Why would they not want to sell this home back to us? Isn't it a burden off their shoulders? Okay, it's FHA insured. Would it help if I called the FHA and told them the bank refuses to sell it back, even though we've met their price? I bet they don't like paying for a home that can be paid for by someone else... The cruelest part I think is that they strung as along when we should have been packing. Long story, I know. But my real question is: Considering that there are 2:30 hours to stop the eviction, what can we say to the attorneys to help them decide to stop the eviction? We have from Monday 8:00am to 11:00am, when the knock will be on our door for the changing of the locks. I'm in PA, and I think we have no right of redemption. I think our rights have ran out, but I could be wrong. Nonetheless, we bring the cash, so where's the issue? They seem very agitated at our efforts, like we're ruining their day with our constant whining. Please, any advice would be highly welcome. I'm determined to move heaven and earth to not be kicked out on the street with my family. I have a loan. Who gets a loan after foreclosure? I think we've performed enough miracles and it's time for someone to finally give in. If not now, then never. So, yeah, I'm asking for advice, if you have any, please.

Answered by Han


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Hi Han, The liens matter because Well's will resell the loan to FHA... and if there are pre-existing liens FHA won't buy it. And for good reason, those liens, if valid, would have priority over FHA's loan hurting their security in the property. It's also absolutely no surprise to me that this group in Well's didn't know about the liens, even though it came up when dealing with another group... banks simply aren't that organized. Too late now, but you did know about the liens, and you should have brought it to their attention earlier, together with the proof that they weren't your liens, and you wouldn't be having this problem. To my knowledge the only things that can stop an eviction at this point are either a court order or a bankruptcy filing. If your chapter 13 is complete you can't file again, so that's out - and I really doubt you'd be able to get an emergency injunction in time. Your best bet is to send COMPLETE, PERFECT, documentation on each lien, and the proof that they are either paid, or someone else's to Wells, and ask them to reconsider and put off the eviction. My guess is that you have less than a 5% chance of this working at this stage, but I still think its your best bet. Sean
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Thanks Sean! The thing is, the FHA has nothing to do with us after this sale. It's not an FHA loan, it's through a 3rd party bank. We're just buying it back from Wells. I understand liens may "reattach", but there aren't any (except maybe the original mortgage). In any case, this would be our problem. So, it's not at all that they have to get the loan through any of FHA's approval processes. It's rather the other way around: Wells could get their cost back from FHA, or, they could opt to get it back from us purchasing the house. I doubt they can pull off both. What I mean is, I wonder how FHA would feel about the bank refusing the recoup their cost elsewhere (anywhere else, but especially by selling back to the original owner), and instead knocking on their door for the cash. The way I understand it, all forms of insurance refuse to pay out unless it's absolutely required. This means that if any costs can be recouped from elsewhere, they must. I think this is why the bank talks to us, while at the same time giving us the run-around. They're obligated to pretend to try, or they'll be in breach of FHA regulations. It's just a guess, though. I think I'll just call FHA Monday morning first thing and see what they have to say. Loss Mit should be a good place to start. Also, yes, I'll get whatever proof of liens I can dig up. A professional title company came up with all liens WELLS has (the current owner) and nothing for the address. My own search also yields absolutely nothing. The next call is the attorneys for the bank. They'll also get an email detailing the lack of liens. I feel like I'm trying to prove there's no aliens on Mars. It's a lot harder to PROVE the non-existence of something that the existence. Any pointers on that? Phew! Working...

Answered by Han


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Sorry, you mentioned you were pre-qualified, so it was clear you were getting financing, and you also mentioned FHA insured which I originally read to mean the loan you were getting, not the loan that foreclosed. My mistake. Let me re-state it this way -- the banks rescission of the offer makes perfect sense if they don't believe you can actually close escrow - which you won't be able to if you need to get a loan from ANYONE and have existing liens. Also, keep in mind that you've delayed them for a long time, with every tactic in the book. Honestly if I were them, I'd be concerned this was just another stalling tactic, and I would back out of the offer too if I didn't think you could actually close because of the liens. If you put yourself in their shoes, it makes the most sense. To find and clear the liens you need to do two things: 1. Have the title company do a lien search on the names that were previously on title when you owned it (presumably you are your wife's). Those will be the liens at issue. Because those liens are based on a name search, it is very common to have to clear liens that belong to someone else who has your same name... having a common name, like James Smith, really sucks in this case, whereas people with unusual names rarely have an issue. 2. For each lien you'll need to show that the lien isn't yours. This usually isn't that hard. Most liens have an address on them, and sometimes the recorded lien even shows all or part of the social security number. If you can show another "Han Smith" lives in the county, and show that isn't your address or partial social that is usually more than enough. Worst case you can contact the holder of the lien to get more info. It's a little work, but something title co's deal with all the time - if they aren't your liens they almost always can be cleared. Sean
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If I create a LLC in Hawaii prior to foreclosure/short sale of a home, and at the time of the short sale buy the home back under the LLC's name does that rid me of the junior lenders?

Answered by Mac


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Check with a title co. My guess is they won't insure the transaction when you go to resell, which will suck unless you plan to keep it FOREVER. Also, if the bank did figure it out and come after you (doubtful but possible), judges usually see through shams and do what the law intended. Sean
If you have unsettled loans you could not buy the home back at a foreclosure sale in your name without the loans remerging. Your name is on leins tied to the property. Foreclosure will remove the leins only if it is sold to another person. If you buy it back down the road, the lein and therefore the loan will reattach to your name. If a short sale was done and a settlement reached with the bank, you and the potential buyers then that would be different because the loan would be settled. The problem there is the bank may or may not come after you for a deficiency judgement for the difference between what you owed them and what they got from the short sale. It is a very long and difficult process to try to get the home back and in your name without problems. If you do a short sale to a trusted relative, try to get an agreement from that bank that they won't sue for the deficiency. Also, use a realestate attorney to help you with the process, it is well worth the peace of mind. Good luck to all. Mike
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Whos your attorney? I need one! thank you.

Answered by Gloria


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Sorry, no attorney. It's Wells Fargo's attorney. Han
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My house was sold recently in CA at a Trustee sale. I went to the auction at the courthouse, and identified the buyer. I asked them to rent it back to me and they agreed. I have now borrowed enough cash from family to buy it back from them and we have agreed a price. The problem is that the title company will not issue Owners Title Insurance, because there was a 2nd mortgage, which was used for the original purchase, and as I understand it, under CA law, there is no recourse, so they cannot reattach this loan. Is there any way I can get a title company to issue Owners Title Insurance?

Answered by David from California


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The 2nd could reattach to the property which is why it is too risky for the title company to insure the ownership and the lien position of the new lender. We recently even saw a title company refuse to issue an owners policy when a daughter was purchasing the property. Michelle
Even though California is a no recourse state? David in California
"A no recourse state" is an oversimplification, there are quite a few cases where that isn't true - for example, through judicial foreclosure, refinance loans that weren't foreclosed on, or when the borrower committed fraud or waste (stripping the property). This issue is actually different, specifically there are protections (for lenders) against "lien stripping" which allow wiped out debt to reattach if the prior owner comes back into possession of the property. As we always say -- you should seek advice from an attorney and a accountant regarding the specifics of your situation there are no catch all answers. Sean
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My mother house was sold at the auction and she want to buy it back can she still do it is this legal, how can she do that did she need to contact the trustee or with the investor, but the investor will double the price, what can she do?

Answered by Gloria


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Hi David, The owner is Freddie Mac, and it hasn't been sold at auction, yet. My sister asked the agent if I could buy it which I assume would be a short sale. She replied that relatives can't buy it. I found that there are many agents out there that are misinformed or tell you things to protect their interests. I think it is to her advantage if my sister moves out, so she keeps telling her to pack and be ready to move with 3 days notice. If a relative can buy at Auction, then I would think that a relative could buy in short sale at this state? Does anyone know if I bought it and sold it back to her later, if the original debt could be re-asigned to her then, since she only had a 1st?

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My mother is in the State of California.

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Hi David, The owner is Freddie Mac, and it hasn't been sold at auction, yet. My sister asked the agent if I could buy it which I assume would be a short sale. She replied that relatives can't buy it. I found that there are many agents out there that are misinformed or tell you things to protect their interests. I think it is to her advantage if my sister moves out, so she keeps telling her to pack and be ready to move with 3 days notice. If a relative can buy at Auction, then I would think that a relative could buy in short sale at this state? Does anyone know if I bought it and sold it back to her later, if the original debt could be re-asigned to her then, since she only had a 1st?

Answered by Sandy


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Hi Sandy, Lenders will not typically approve short sales that are non arms length transactions. This means that the buyer cannot have any relationship to the seller. This is why the agent told you that a short sale is probably not going to work for you. You can go down to the trustee sale and purchase the property. Remember that this is an all cash deal. You could then take title to the property and down the road sell it back to your sister. If the property goes to sale and goes back to Freddie Mac I have heard that Freddie Mac may be willing to sell the property to a relative even before the property is listed. One of my agent friends that is a REO agents has done this several times. There is a risk to waiting until after the sale because a 3rd party investor could purchase the property at trustee sale and be unwilling to resell. That said, I have also heard of several investors selling properties to the relatives of the prior owner. The risk of debt reattaching is typically only the 2nd. In CA we have what is called the "one action rule". Once the lender has taken their "one action" by foreclosing on the property and there has been a break in the chain of ownership (property transferred to someone other than the homeowner) there would be minimal risk of a reattachment of debt. (I say minimal because I do not know what other liens or loans exist on the property). Michelle
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Lost one house at Auction, I think bank bought it. This happened one month ago. I'm now in foreclosure on the home I live in. I filed Chapter 13 today. Would I be able to get the Auctioned House back some way? I wish I filed sooner, because I would have a lower mortgage in the other, and been able to short sale the one I'm in. Is there a chance to get it back? Also will this affect my business property to file personal Bankruptcy

Answered by maria


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I really don't see how bankruptcy will help you at all. At this point judges aren't able to cram down mortgage loans, so it likely won't do anything but buy you a little time. If you have hired a reputable bankruptcy attorney they should be able to give you a realistic picture of what to expect. If someone is claiming that declaring bankruptcy will save you, without fully explaining the limitations then you need better help. Sean
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My mother is in the State of California.

Answered by Gloria


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I live in California, and I just bought my house back after it was sold at auction.

Answered by David in California


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David, May I ask how you did that? I would love to find a way to buy my home back. Thanks, Natalie Natalie
I went to the foreclosure auction, and spoke to the new owners. I agreed a cash price with them. While the property was in their name, I offered the 2nd mortgage holders a small payment ($3,000 on $44,500) to clear it. They accepted. I was then able to get owners title insurance. David in California
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Han, You need an attorney. Even if you think you can't afford one. This is the biggest monetary transaction of your life. Even bigger than the original purchase of the house. Get a competent and aggressive attorney *now*. It looks like Pennsylvania is a full recourse state, so there will be issues to deal with the enormous debt they can theoretically pursue unless your C13 protects you. Any liens will definitely need to be addressed before you take title, but there are things you can do to artificially prevent liens from reattaching with a well written trust. I can also tell you that everything is negotiable. If the facts are as you state, and the current owner has agreed to sell the property to you, any competent lawyer can get an emergency stay of eviction in order to complete that transaction. Do you have anything in writing? Or do you have a witness that the *current* owner has offered to sell you the house? The current owner is the only entity that has a right to evict you. If they have agreed to sell at a price that you can reach, you may be able to buy enough time to close the sale. If this is just another stalling tactic, the judge will see right through it. If you legitimately want to buy, can buy, and have an offer from the owner, the judge should be able to see that as well. I do not know of any lawyer I can recommend in PA (yet). But, you need a lawyer experienced in foreclosure prevention and unlawful detainer. If you do not have a good recommendation, I would suggest you call Harvard Legal Aid (http://www.harvardlegalaid.org) first thing Monday morning: (617) 495-4408. Ask if they can recommend a lawyer in your area. I suspect some readers of this post might be able to recommend a competent and aggressive lawyer who is familiar with PA real-estate law.

Answered by Mark Moore


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Mark - I think you missing the fact that the bank is the owner, they've now rescinded their offer to sell because of the liens, and are now, tomorrow, moving forward with a court order to evict. Certainly can't hurt to try the legal aid link you provided (good recommendation), but I think its a stretch. Sean
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I have a house in Phoenix that is upside-down. I do not live in it and I am tempted to walk away, but I want to purchase a home in California and want to preserve my credit scores. My payments are current and I have enough cash to purchase it at it's current value, which is much lower that what I still owe on the property. Would the bank consider allowing me to purchase the house at today's market value, or should I just walk away?

Answered by Matt


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HI Matt, What you are really asking for is a modification with a principle reduction or a short sale where you sell the property to yourself. It is highly unlikely that the lender will agree to either of these options especially since you sound like you are financially able to make the payments. If you stop making the payments and walk away then your credit will be damaged. You will want to consult with an experienced realtor, tax advisor and possibly an attorney to make sure you completely understand the potential consequences of your decision. Since this is a non-owner occupied house there could be tax consequences. Michelle
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I spoke to a friend who is a broker in another state. She told me that a relative cannot purchase a short sale from a family member. This place is owned by Fannie Mae now, therefore I should be able to purchase it, since it isn't owned by my sister anymore. I sent an email to the Fannie Mae agent stating this and she said OK. We'll see what happens ...

Answered by Sandy


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This would be considered an REO sale and yes, a family member could purchase the property. As I stated in the comment above, I have even seen them sell to the family member before they list the property for sale on the open market. Michelle
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If the property is in the banks name and the foreclosure has been completed then you have no legal right to move back in. If the property is still under you name then you are still the owner of record and could move back in.

Answered by Michelle


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I was going through the loan modification process in 2009; I had found out it was a forbearance and paid 1600.00 towards fees. The servicer BAC changed the modification and wanted me to pay another 1600.00 towards fees; I didn't have enough money to do so for I lost my job when the banking/mortgage industry fell. They stated if I didn't pay and commit to modification by 11-24-2009 Thanksgiving Eve they would foreclose 12-1-2009; I requested an extension for I just needed one more week till I received another paycheck. The request was never made to the investor and I was foreclosed on 12-1-2009. I stayed in my home till October 1, 2010 but had requested cash for keys to move and was denied and had 10 days to get out. My home sits empty now with no for sale sign, the tree has died in the back yard and the grass is waste high. I continue to receive mail from BAC on modification request and even if I want to pay the mortgage off. There is no foreclosure on my credit. When I call BAC to inquire on the sale of the home that state its not for sale yet. I get the run around from BAC to talk to different departments. Their REO Real Estate Owned section does not have it they refer me to HUD, they don't have it, they state BAC has not deeded it to them yet. Can I fight a wrongful foreclosure? Can I move back in? I don't think the bank tried hard enough to give me a modification and they surely didn't offer to do a short sale or deed in lieu. Everyone I talk to in the real estate and mortgage business tell me to move back in but I don't want to break the law. The home never sold it was deeded back to BAC on 12-1-09. It sits empty for almost 2 years. This home is in Texas what can I do?

Answered by Sondra


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Barbara, if your home is being sold by a bankruptcy trustee and both you and your husband have filed together, he will not be able to get financing. The bankruptcy will not be closed until about 4 or 5 months after the home is sold and everything is settled. Since your husband is part of the bankruptcy, the minute he takes any money out of a protected vehicle like an IRA it then becomes 'non protected' under bankruptcy laws and then the trustee can take that money just like she did the house to distribute to creditors. Things are bad now but if he lost additional money i.e. the amount that the house would cost to get back it will be much worse. Before you do anything get the advise of a good bankruptcy attorney who is also familiar with real estate law in your state.

Answered by Mike


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There are a number of comments and questions about repurchasing a house after foreclosure/short-sale/REO. I can't speak for every area, but I am *very* familiar with this in California. We offer a program that allows severely underwater families to do just that, repurchase their existing home at 90% of current FMV. There is nothing in the law of California or U.S. that restricts this. Technically, hiding what you are doing by having a "friend" buy the property for your benefit is considered a straw-buyer which is generally considered fraud (it's a crime). On the other hand, if you simply show up at the Trustee Sale with a cashier's check and you win the auction, the house is yours. No questions. In REO re-purchase, some banks actually *prefer* the property stay in the hands of the family (tenants). That way the REO group doesn't need to evict, and the neighborhood stabilization is seen as beneficial. In short-sale repurchases, their is generally a requirement of an arm's-length negotiation. This is hardly possible when the "seller" and "purchaser" are the same family. If the property is honestly listed on the open market for some reasonable period of time, there should be no issues with waiving the arm's length requirement if the lender's contracts and/or internal policy allow. If the lender simply can't (or won't) waive the arm's length requirement, the best thing to do is to give them a fair chance to sell your property on the open market (as a short-sale), and then just be ready to buy it at trustee sale (foreclosure). One last thing... Whoever buys your house (at short or foreclosure) is almost certainly a speculator. Once they buy it, they can sell it to anyone they wish (e.g. **you**). I have not seen a speculator that wasn't willing to sell if they can make a quick profit without having to go through formal eviction. I have seen more than one family save their house this way, and in undeniably solves the arm's length issue since the speculator was acting in their exclusive best interest when they purchased the property. Hope that helps. Mark Moore HomeLiberty, Inc.

Answered by Mark Moore


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This question is for Sean. Do you do investing in georgia? Can you recommend how someone could find an investor. We lost 3 million in florida property (equity) when the values dropped so much and I used up most of our cash to keep paying payments, finally had to stop. three properties went to foreclosure and one filed a judgment. a small bank that was bought out had made a line of credit loan against a free and clear beach lot, stopped the line of credit in the middle of a remodel, offered the deed and bank refused, when bought out new bank filed judgment. therefore had to file bankruptcy and my home in georgia was three months behind while trying to get a modification. 6.5% loan . the house was put in the bankruptcy and now the trustee has it for sale with a realtor. I understand I can get it back if I can find an investor to buy it for me and do some type of contract...because I would only want to do for a couple of years and then re-finance. It has a second mortgage but the amount is in the sales price set by the trustee. Any advice...have been here thirty years and do not want to have to leave...how to find an investor....how to handle the situation ..can a judgment reattach...all this is new to me...never had financial problems after selling a couple twenty years ago. any advice appreciated.

Answered by barbara


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Hi Barbara - I'm not that familiar with the laws in Georgia, so I don't think I can help much on the best approach, and whether or not the judgement might reattach. As for the best way to find an investor, I'd recommend finding the location of the local foreclosure auctions. Usually notices of sale are published in the paper with the auction address. You might find a knowledgeable local investor that can help there. Just beware who you do business with, lot's of good investors out there, but there are some bad one's too. Best of luck. Sean
Thanks so much, I am going to try for another modification since my situation has changed. but could you tell me if my husband is not on the loan bought way before him, can he purchase the home in his name. but he is on the bankruptcy with me...also he has a first cousin that is trying to buy it out from under us at the lowest price possible. the trustee has it listed for 475 and we owe 380 which is what she can accept I understand but because of the judgment and only my name that we can only keep 10k from the sale. thanks for any advice ...I really am grateful to you and know you are blessed for helping others.... barbara
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i made a bis mistake i gave my home to my son he know 4 4 mn late he said they going my home now it forcloser what can i do

Answered by gayle josephson


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Hi Gayle, If you deeded the home to him then he officially owns the property. Since he is walking away you could ask him to deed the property back to you and then you could resume making the payments. Michelle
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HI, Sean and Mike, Can you please send your contact info to bubstertweet@gmail.com? I am looking for investors for a home in Northern California. Thanks, Carly

Answered by Carly


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Hello, My husband and I are scheduled to be foreclosed on Jan. 4th. My grandmother has offered to buy the house at auction for us and then we could pay her rent. We live in GA. I know we'll have the foreclosure on our record. Will there be an eviction too?

Answered by Elizabeth


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Sean, I thought I sent a reply but can't find it now..this whole situation has made me a little crazy. The attorney said I could not afford to keep the house because of income. Now that my income is going to change and I would be able to afford the payments..can I not file for another modification. He said that whoever bought the house would have to deal with the judgment. He did not say what would happen if I got a modification. I don't want to declare more income now until the bankruptsy is over or at least I do not think I should? How long will the trustee try to sell the house...do you know..will it be until the bankruptcy is settled in 3-4 months and can we stay in the house until she either sells it or it goes back to wells fargo and they can then foreclose. Also, any info on arms length transaction. Can a family member buy and sell back to us....thanks for all your help..

Answered by barbara


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sean, anyone know anything about judgments.. I received a judgment from a bank in fla that sold a pc of property and are seeking the balance still owed after the property was sold. This is a bank that bought the bank I borrowed from and they refused a deed in lieu. I have had to file bankruptcy because of this. I was three months behind on house payment and lawyer said to put in the bankruptcy. Now I understand the trustee is the one who is to sell it to aquire whatever assets possible. What happens to the judgment. What if the house does not sell then the trustee turns it back over to the lender. where does the judgment stand. I would still like to keep my home but must find a job to do so, hoping that no one buys the house with a judgment and i can go back to the bank and see if I can get a modification if I bring the payments current....please help ..I cant get a clear answer from my attorney...thanks so much.

Answered by barbara


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how can i purchase my home after it has been forclosed

Answered by roger murray


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Hi Roger, After a foreclosure it will take 3 years (under current FHA loan guidelines) for you to qualify for a home loan after a foreclosure. You could consider using private or "hard money" loans but you will need to be prepared to put a substantial amount down as a down payment (typically 30% LTV). If you have a spouse or a relative with good credit that is willing to purchase the home on your behalf that is also an option. The toughest part about trying to repurchase your home is finding a lender that is willing to lend you the money. Michelle
Note that any debt wiped out by the foreclosure sale may re-attach if you purchase the home back. If you do find a way to purchase your home back, te sure to get an owners title insurance policy stating that insures you against this possibility. I've tried to sell a number of homes back to prior owners, and this has always been the primary issue, and has killed almost every deal. Probably easier to move on. Sean
You probably would need to have a job first. Roger
I was recently told by an attorney in MI that bankruptcy prevents the second lien from reattaching if house is bought back for what is owed on first lien. Please advise. Thank you. Mike
Sean - would be willing to buy the home back for what we originally owed on the first lien and defaulted on if you can help us we are in Co where are you? Please we need help ASAP Kim
The key is to prevent this from getting this far. Many times, homes were given a NOTE and then that NOTE, which is a negotiable instrument, was converted into a Stock with a Pooling and Servicing Agreement. That means, upon conversion, your lender sold the NOTE for FULL price and became your servicer, not your lender, on behalf of the POOL. Many loans became securitized. Therefore your lender is not your lender. They already got paid in full a the time of conversion. So they can't sell a NOTE that they no longer own. So, do a SECURITIZATION audit to prove that this took place. If they don't own the NOTE and the LIEN they don't have the right to foreclose. They often registered in MERS, an electronic registration system, but it's not the COUNTY tax records, the only official recordation that counts. Millions of NOTES were sold int MBS (Mortgage Backed Securities) and your lender has no right to foreclose if your loan was securitized. alex
Hi Alex, Although there have been numerous lawsuits surrounding MERS it has been ruled in CA that MERS can foreclose. A lawsuit challenging the rights of MERS to foreclosure may be an excellent foreclosure delaying tactic but it will not result in someone getting their house for free. Michelle
Sean, I am not in foreclosure, but I need my houses put under private financing and sold back to me. Could you please contact me? Thank you, Cindy Cindy
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As others, I purchased a home in 2005 for $470K and now the house would sell at most for $225 K. I owe $400K. How do I find someone who is willing to purchase my home in a short sale and then sell it back to me at a profit over time? I have heard there are investors who are willing to do that. My credit is good. I have never missed a payment.

Answered by Janie Watanabe


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Hi Janie, You will want to reach out to a real estate agent that specializes in short sales. They will help you with the paperwork and marketing your property as a short sale. Michelle
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I'm currently in a CH. 13 wage earner plan 2 year of 5 , with arrears and a lien stripping motion on the 2nd. My first mortgage balance is $780k my second is 140k, totaling 940k, ugly, I know. The current value of the property is 575k. Due to a decrease in my income I'm considering converting over to a Ch. 7 to eliminate my CC's and just focus on the arrears of 14k. But in doing this,I would lose the Lien stripping motion. My 1st was purchased from the "bank" by a small investment group, who urge me to short sale or foreclose for obvious reasons. They mention, they would be willing to work with me, but they obviously can't under the bankruptcy protection. One suggestion was for me to foreclose and have a buyer sign a purchase agreement prior to the foreclosure date. Any suggestions? Should I play out the ch 13 scenario, eliminate CC and the 2nd and see where the market is in 3 years, but with a big mortgage payment $5700 monthly OR go the ch 7 route get rid of CC's and try to negotiate the 2nd and possible foreclose on the 1st and get a buyer?? We really want to stay in our home, but want to put ourselves in a better financial position? Hey, or just walkaway? Thanks

Answered by Diego


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If I were to try and short sell home who gets the final say on what offer to accept. The bank or me. I ask this because I was wondering if it would be possible to have parents buy short sell of my house. I would then live there and pay them rent and once my credit score regained I would try to get a loan to purchase house back. Is this possible

Answered by justin


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Justin asked, "I was wondering if it would be possible to have parents buy short sell of my house." This is generally considered a "straw-buyer", and is considered fraud. If you disclose that they are your parents, the bank is likely to not approve the sale. In fact, in many cases, the lender has signed contracts that *prohibit* it from short selling to any party that has a pre-existing relationship of any kind with the current seller. If you do not disclose the relationship and the lender does not ask, then you *might* get approved for your parents (or cousin, or friend) to buy the house in short-sale. If the lender or the real-estate agent asks if their is a pre-existing relationship and your parents say "no", then that would be fraud, and they would risk going to jail if the relationship was ever discovered. The best thing would be for you or your parents to buy the property at the foreclosure sale. In that case, there is no restriction on what they do with the property. They could rent it to you, or give it to you as a gift. Be very careful with getting into a straw-buyer situation. Banks take that very seriously, and fraud is a criminal offense. Mark Moore HomeLiberty, Inc. Mark Moore
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Diego, you should definitely consult a reputable and experienced lawyer. I am assuming you have talked with your tax adviser about the various scenarios you are looking into. I can't say what would happen with your ch13 vs ch13 decision, but assuming the numbers you provided are right, and assuming you are in California, the HomeLiberty program would allow you to repurchase your home with monthly principal and interest payments coming out at $4,036.83. Don't know if that makes a difference, but it would get rid of your 1st and 2nd and would allow you to concentrate on fixing the rest of your credit. Mark Moore HomeLiberty, Inc. www.home-liberty.com

Answered by Mark Moore


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I've been involved in a short sale in progress for a year. In Sept. the bank filed for a 2nd foreclosure (the first was cancelled) even tho' I already had approval letters for the short sale on Oct. 27th. (finally!). Even tho' the broker was on the phone with the WF negotiator who had arranged for the approval letter(s) in the first place, he wouldn't do anything to stop the foreclosure sale. As it turned out it didn't sell to anyone and the bank took it back for $100. The broker is now saying that because I have the approval letters in hand - the bank will now get a recission and let me finally do the short sale (TO A CASH CUSTOMER), Does that sound possible to u?

Answered by linda watson


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Hi Linda, Anything is possible in these unprecedented times. However, in my experience, it is unlikely that the trustee will rescind the trustee sale and allow the short sale to proceed. You may want to review the short sale approval letter. It is highly likely that the short pay approval letter addresses this issue. Michelle
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I believe the bank has the final say. It's important to say what state you are in when posting a question as laws vary from state to state. In CA, the banks won't allow a relative to buy a short sale.

Answered by David in California


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David is correct. Although the homeowner (seller) has the right to accept the offer it is up to the bank to approve. The lender is only going to approve the short sale if it is an arms-length transaction which means the seller and the buyer do not have any "relationship". If the bank feels that it is a non-arms length transaction (even if you are not related to the buyer but they have agreed to resell the property to you) the bank would typically NOT approve this short sale. When you short sell your property the idea is that the bank would accept less than what is owed and not be forced to foreclose on the property. Short sales are not a tool for the seller to benefit at the expense of the bank. Michelle
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Mark.. I appreciate your suggestions....I am currently in a CH 13 and also in California. My current investor/homeworker stated they would not come after me for the difference in writing and that more than likely the 2nd wouldn't either, but that's an assumption. I would definitely like to settle with the 2nd to avoid that possibility. Taxes on the deficiency would be the final piece of the puzzle. I would definitely like to do something sooner than later, and stop throwing good money at bad money and move on. Your assumption of the repurchase mortgage at $4,036.83, is that based on the current assessed value at $575k? or another value? In my opinion, The Cram Down Bill wouldn't solved this mortgage issue, but the banks silenced the administration. and the mess continues.... Diego

Answered by Diego


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Correction: In the Final line, I meant to say " WOULD HAVE"

Answered by Diego


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Mark Thanks again.. Being in a CH 13 denies any savings, so that's a tough one... I may be better off renting the house down the street for 3k and face reality. That way I can save like crazy and get back in the game in a few years, if it's worth it. A house at the end is just a house, a home is what you make it. Thanks for the information, I may look into your services Diego

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Diego, you know your situation better than me. Although, I'm not sure why you think you would not get the benefit of the $345K reduction in what you say is the current balance on your first and second mortgages. If you go through strategic default, the debt is forgiven, regardless of whether you are in ch13 or not. The only place that your bk would be any issue at all is that you would need to get the trustee you are working with to approve the loan from HomeLiberty when we sell your home back to you with seller side financing. If you use the additional monies from your reduced monthly payments to pay off your restructured debt, I can't imagine why the trustee would object. You talk about "saving like crazy" to "get back in the game." The FastTrack to Freedom program is designed to do exactly that. Instead of being in a rental for 3 years or so as you save up a down payment, the HomeLiberty program puts you in a real mortgage. The best rental payment history in the world does not affect your credit score. A real mortgage does. Even better, the first 13 payments are applied directly to principal reduction. So... If we use the numbers you provided and your payments are $4,036.83 a month, then after 13 payments you will have paid down $52,478.79 of principal. If you made the $57.5 down payment along with the additional $57.5 from HomeLiberty, after 13 months, you would own $167,478.79 of the $575K home outright (29.1% equity, 70.9% LTV). If you really have a chance to save more than $167K after 13 months by renting that other house, you definitely should go for it. Of course, you are more than free to rent the property down the street, Diego. If you would rather own the home you are in while rapidly rebuilding your equity, I hope you do take a look at our program.

Answered by Mark Moore


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I think people should take note of Michelles' last comment. " Short sales are not a tool for the seller to benefit at the expense of the bank". The banks are not going to do anyone any favors at the banks' expense.

Answered by David in California


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Mark, I know for a fact the trustee wouldn't such transaction. It would be better to get out of the BK Umbrella. The only obstacle I have with your program is that don't have the 10% down. It may be easier to find a first time buyer to minimize the DP to 5%. Big Savings either way. Diego

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Hi Elizabeth, I am not familiar with the foreclosure laws in Georgia but I can tell you that is CA if an investor purchases the property then evicting or not evicting the tenants is entirely up to them as the new owner.

Answered by Michelle


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I am in Ga., my foreclosure happened in Oct., my financial situation has changed since then. Can I still negotiate with the bank?

Answered by pattit


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Mark, Interesting and again thanks for the information. How do I qualify for a loan, when my FICO is in the tank, although prior to filing it was in the high 600's ? Do you prequalify, before foreclosing? How is the 2nd handled? To I settle prior to the repurchase to avoid a reattachment or possible liability? How many of these transactions are done? Never heard of this process. I have friends that are agents/brokers, but never heard of such process, but I like it. I will look over your FAQ's Diego

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Hi Diego, After looking at the home-liberty FAQ's this is not a "refi" but a short sale with the option to repurchase. The biggest challenge that I see would be getting the lender to approve the short sale to this organization. Most lenders require a short sale to be an arms length transaction and if they are aware that this buyer is going to sell back to you for a profit that could be a huge stumbling block. In many of the the short payoff agreements there is specific language regarding this type of resale. Michelle
Michelle, thanks for taking a look at our FAQ. We are aware of the Arm's Length afidavit that many lenders require. We also find that our generous all cash offer can move some loss mitigation agents to accept our purchase offer even though we refuse to sign any arm's length restrictions. We buy for cash "AS-IS", and the as-is part goes both ways. Also... the loss mit realizes that we will pick up the property when it goes to foreclosure anyway, so they might as well agree to our offer unless there are other bidders. It is important to keep in mind that HomeLiberty will purchase through any available means. Short sale is fine, but we have captured at trustee sale (foreclosure), and even direct negotiation with investors that purchased the owner occupied home, but then found the tenant was determined to stay in the property. We even had one investor call *us* to see if we could unwind the problem for him. We did. The investor got his money back (even made a fair profit), and the family saved the home they loved and saved over $295K in forgiven debt. (They have the 1099 to prove it!) The unwillingness of the lender to cooperate does not significantly affect HomeLiberty's ability to capture the home. Mark Moore
Mark I need to talk with you about my situation to see if I can also work things out and keep my house. please call 760-917-0088 when you can talk. Thanks in advance because you sound like an upright guy. If my situation is duable then I would like to help someone else, if possible. vanessa
Im in a Ch 13 and doing a Lien stripping on my 2nd. After the CH 13 is complete, I will still be underwater. Do people in my situation have any other options? foreclose and buy back, try a refi, or just walk away and start over? The math is starting to not make sense staying in the ch 13. Ric
Ric, you posted "Im in a Ch 13 and doing a Lien stripping on my 2nd. After the CH 13 is complete, I will still be underwater. Do people in my situation have any other options? foreclose and buy back, try a refi, or just walk away and start over? The math is starting to not make sense staying in the ch 13." HomeLiberty definitely solves the problem of "still being underwater" even after stripping your 2nd. You have a perfect right to purchase your property at foreclosure, but most families do not have the cash required to buy at auction. HomeLiberty does. We buy the home at the auction, and then we sell it to you. If you do not qualify for traditional financing, HomeLiberty offers seller financing for up to 95% of appraised value. If you are severely underwater, HomeLiberty's FastTrack to Freedom program is something you should definitely look into. Mark Moore, HomeLiberty
If a Ch. 13 Lien stripping is not completed and the home is foreclosed on, and I decided to buy it back, what happens to the second lien/mortgage? Should I then settle with the 2nd to avoid a reattachment when I repurchase or just let it extinguish? I've heard both arguments to this scenario. Ric
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Mark, After consulting with my acquaintances in the Real Estate Business, they actually have heard of some attempts by homeowners to repurchase their homes after foreclosure, but advised me against such action because of the risk involved with the possibility of losing the home altogether without any guarantees in the transaction. Looking over the FAQ's I still had some questions that weren't answered: 1) How are the first 13 months applied entirely to the principal? What happened to the interest? 2) What kind of interest rate is given to such loans with bad credit? My investor offered to sign a purchase contract prior to foreclosing, offering exclusive purchasing rights to me after the property returned to them as an REO. Couldn't I essentially repurchase the home on my on as long as I secured financing and save 3rd party fees? Diego

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Jen, Thanks for sharing your experience and congrats. Does anybody have any information or experience with the FHA Negative Refinance Program. My investor has NOW brought that to my attention as an option and says I may qualify. I did some research on the program, it's voluntary on the servicer part, but I'm sure they get reimbursed. Any Positives vs. Negatives? Thanks, Diego

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Hi.My Calif,home will be auctioned on 5/3/11. I tried everything with PNC Mortgage, even the short sale. PNC Mortgage agreed on a price after they sent two appraisals, the Buyer ,me and PNC signed the final agreement of sale, then PNC changed their mind and asked for $50.K more of the agreed short sale price. The buyer refused and canceled. Two months ago, PNC told me the loan now is with, Bayview Management. LLC. I asked if my family can pay the Short Sale Price, they refused. My question is: CAN MY CHILDREN AND FAMILY OF THE SAME LAST NAMES, GO TO MY HOUSE AUCTION AND PURCHASE IT BACK ? IS THAT AGAINST THE LAW IN CALIFORNIA. CAN THE LENDER REFUSE THE SALE TO MY FAMILY DURING THE AUCTION? THIS HOUSE IS UNDER MY NAME ONLY, MY WIFE WAS NOT ON THE LOAN OR TITLE, CAN THEY BUY IT BACK AND RECORD IT UNDER MY WIFE’S NAME? CAN THE LENDER COME AFTER ME, ONCE THEY PURCHASE IT BACK? DURING THE AUCTION, CAN FOUR MEMBERS OF MY FAMILY PUT THE HOUSE UNDER THEIR NAMES, EACH WITH PERCENTAGE OF OWNERSHIP. ARE ALL OF THE ABOVE LEGAL IN CALIFORNIA OR NOT?

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In my case the property is in the State of Florida. My home was foreclosed in April of last year and since then I have been able to save some money to buy another property. The bank is asking for 70k which I have. Am I able to buy the property again? And if so, can I buy it under my name? Please advise.

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HI Michael, Be cautious when attempting to buy your own property after trustee sale. You would want to seek legal advice before doing so. The risk is that the debt that was discharged in the sale could potentially reattach to the property. Each state is different and I am not an expert in Florida but it is always best to do your research before you make a potentially bad decision. Michelle

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