Foreclosure 101
The impact of foreclosure is far reaching. From homeowners to Realtors®, not to mention the economic health of a region or even the country, foreclosures are an increasingly important aspect of everyday life, representing both genuine hardship and genuine opportunity.
Foreclosure 101 is an introduction to foreclosures, the foreclosure process, laws, terminology and the opportunities foreclosures present for Realtors® and Investors.
Comments
How much do your courses cost? I'm a realtor in Louisville, KY, and have taken Short Sale and Foreclosure courses and have, what we call SFR designation. I would RATHER learn more about increasing MY wealth. I haven't work for about 2 years because of a terminally ill father and NEED to make some money, but would LOVE to feel more comfortable about WHAT I'm doing. Thanks.
We do not currently have any courses available. We do have several webinars posted on our site that are free.You can register for our webinars by clicking on the following link: https://www.foreclosureradar.com/webinars. We do not currently cover KY but we highly suggest contacting your local board of realtors for classes in your area or you can go to Certified Distressed Property Institute, the Harris Real Estate University or 5 Star Default Servicing Institute for additional information on short sale training. Good luck!!
Thinking of having a good and effective website at a reasonable monthly fee focus on helping distressed owners . Do you suggest any particular company ?
I understand there is a 10 day right of possession after the sale is held. Where can I find that information in the civil code and what does that mean for the owner of the property?
No such thing in CA. That said you can't simply toss someone out either. You first need to give the owner a 3 day notice to quit (get out). After that you still can't remove them, instead you need to file an unlawful detainer lawsuit, which can take months. After you win, and you should in a foreclosure situation, then you can then schedule the sheriff to come out and remove them... which can take weeks.
I was in the process of a loan modification was asked to fax or mail documention which i did. I was advised it was never received by a deadline of 6-3-10. I called the mtg. company advising I sent the info via fax they advised never received. I then received a letter from the bank on 6-16 -10 advising my documentation was never received and my modification was denied. I called again and was told to fax it again which i did. Didn't hear anything further until 7-1-10 when I came home to a letter taped to my door advising me that the foreclosure sale was completed and my home was taken back by the bank at a trust sale held on 6-28-10. I want to know if they are required to advise me of the trust sale because i was not notified. We were once notified by a notice posted on our door a few years back prior to a re-finance, but this time we received nothing. Nothing from the attorney, or from the county advising us of a sale date. Please let me know if we have any rights to still try and remain in our home if we can cure the default or make some other arrangements. Had we known we could have tried to do something more to save our home. Please Help............
Hi Diane,
The foreclosure process is different in each state. In CA, for instance, the Notice of Trustee Sale only needs to be posted, published and recorded one time and the trustee can postpone the sale each month without refiling for up to one year. You will undoubtedly need to seek legal help if there is hope of getting the sale rescinded. This is not the first time that we have heard that a property went to trustee sale in the middle of a modification. You can read about a similar situation on our blog http://www.foreclosuretruth.com/blog/sean/loan-modification-denied-dont-....
We wish you the best of luck.
Hi Diane,
As Sean said, the laws in each state are different, but in CA once the NTS is filed they do not have to refile for quite a while. Typically when you enter into a Loan Mod after receiving the Notice of Default, the bank will put you in forebearance. This means that they have not stopped the foreclosure but are postponing it while the situation is worked on. It is like having your head on the chopping block, while they decide if the modification will work. In addition, even if they approve a loan mod, sometimes they will set it up as a trial period during which time it you miss ANY payments they can continue with the sale. For others in your situation who may read this, you need to call the bank DAILY to verify everything. That means receipt of documents, status of modification, do you have an assigned negtiator, has your negotiator been transferred, etc. Always make notes and date them at the least, I like to record the conversations (the bank usually notifies YOU that they are recording so use it to your advantage). Get some outside help! Ask a realtor friend (everyone has one) to review the case on a regular basis. They see these all the time and can help avoid pitfalls. Remember 2 sets of eyes are better than one.
Diane's question and the story behind it is a warning to everyone involved in a modification or short sale. You can not every be passive and assume that someone has received something, is doing something or will let you know something. The rules of normal commerce are pretty much suspended in a foreclosure or loan modification. This is seriously not a do it yourself occupation. If you are serious about saving your home, make sure that you are calling regularly, often and redundantly. I have had two different answers to the same question in a single day. Read about it, study about it, be careful of scams. Good luck. gregandnancy4homes.com
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parier sur le sport chez bet clic.This means that they have not stopped the foreclosure but are postponing it while the situation is worked on. It is like having your head on the chopping block, while they decide if the modification will work. In addition, even if they approve a loan mod, sometimes they will set it up as a trial period during which time it you miss ANY payments they can continue with the sale.
This site is a wealth of information and a valuable resource.
A question I have though is if in this economy with the high rate of foreclosures and changing legislation within various regions (including the mass rubber stamping to expedite the process) is it possible to offer specific advice to individual homeowners without being a lawyer or a foreclosure expert in a specific geographic area?
Hi Eddie,
If you are not an attorney or an expert it is not a good idea to offer any advice.
I am much impressed with the information given here about real estate and all that but I think this will help much to beginners in this track.
indiana real estate agent
Do any of your courses cover tax liens? I've been looking to enter this industry for some time now, and the way things are with the economy it seems like a good time to start making amove. I've got some experience with tax liens, so hopefully won't be a big learning curve to expand.
Mike
http://www.mikestaxlientips.com
Hi Mike,
There are some states that sell tax liens. The biggest one that I am aware of is Texas and I believe Michigan operates the same way. We do not cover any states that offer tax lien sales so we do not currently have any training available on this subject.
Can a lender continue to list loan payments as currently late on a loan that foreclosed in 2007? I am still getting hit on my credit score by past lender who continues to list my loan as delinquent every month!! LEGAL RECOURSE??????
P.S. I live in California.
Hi William,
Is the loan a 2nd? If a 2nd was wiped out in a trustee sale initiated by a 1st mortgage and the 2nd was not a purchase money loan then they can still attempt to collect on that loan.
II have a condo in california. I was $42k back due on my property and came up with the money to pay. Last friday i went to the branch to make a payment to bofa and they said i had to pay trough a western union wire. I tried western unioin but the payment was too large. I went back to the branch and they said they could do a wire. I sent the wire and my house still sold at sale that same morning. What can i do?
Hi Jonathan,
Contact the trustee right away. The name and contact information is on the foreclosure notice that was taped to the door. You will also want to contact BofA. It is interesting that the bank had you wire the funds and not refer you to the trustee since the trustee would have the amount necessary to reinstate the loan. It is possible that they will rescind the sale. It is also possible that they will return your funds. If they are unwilling to rescind the sale then you will probably need the assistant from an attorney. Do not delay in contacting the lender and the trustee. This would appear to be a situation where the left hand and the right hand did not communicate.
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