Comments for Free Foreclosure Listings Online

Comment on How to Handle Your Foreclosure Procedure by Troy

Troy — Sun, 07 Mar 2010 00:11:59 +0000

either file bankruptcy or live in the house and make no payments until you have to move out. Why move into an apartment and pay rent while your house sits empty. The forecloser is going on your record either way at least save some money by not paying rent for a few months. I know it sucks but when times are tough you have to look out for you and your family first good luck with whatever you decide
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Comment on How to Handle Your Foreclosure Procedure by angel_fish_77

angel_fish_77 — Sun, 07 Mar 2010 00:09:59 +0000

You need to call your Lender & ask to speak with a Supervisor. Talking to them directly & honestly can open up many doors. You have options. Also, the rate of foreclosure is so high right now, it is taking 5-6 months for banks to foreclose in many cases.

1. If you qualify, due to new government guidelines, they have to offer you a lower fixed rate or a refinance so that you can pay your mortgage

2. Ask them if a short sale is acceptable - this is when the lender agrees to take less $ than you owe them on the house, so you can lower the sales price. Your Lender spends thousands in legal fees to foreclose & will many times approve a short sale.

3. A Deed in Lieu of Foreclosure will keep a foreclosure off of your credit. You would be signing your house over to your bank (you would no longer own it) & would no longer have to make payments on your mortgage.

EDIT: IF you do decide to leave your home, you are smart to rent asap before you have a foreclosure on your credit. No one will rent to you with a bad credit history & you would have to apply for low income housing. Do not listen to others who tell you to stay in your home until they foreclose. If you must rent, you are smart to get approved before your credit plunges.
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in the business

Comment on How to Handle Your Foreclosure Procedure by TaylorProud

TaylorProud — Sun, 07 Mar 2010 00:07:59 +0000

Why not file bankruptcy, ask the bank to restructure your loan and then reaffirm your home loan and keep it, because you won’t have any other bills, then can you make your house payment.
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Comment on How to Handle Your Foreclosure Procedure by Ryan k

Ryan k — Sat, 06 Mar 2010 19:05:51 +0000

Best way to foreclose on house?
My wife and I are not doing well financially and are probably going to foreclose on our house. We are behind on our monthly mortgage payments by about 2 months now. Our house has been for sale for about 2 months also. We are aware that being behind on payments as well as foreclosure itself looks very bad on your credit score, so we are considering moving to an apartment before the credit score gets too bad. My wife and I move want to move to an apartment and just let the house foreclose. I’m looking for some advice on the procedure on how to handle everything that is happening. I was told the foreclosure process takes about 4-6 months for everything so, if we move to an apartment in the mean time we would still own the house for another 3 months or so. Would we just turn off all the utilities and pretty much abandon the house until everything is taken care of? Also what is the best way to foreclose? A Deed in Lieu or just a regular foreclosure? My loan is through CITI mortgage and I read somewhere on their website saying they would accept a deed in lieu if we are behind on the payment and the house has been for sale for 3 months. What you recommend doing? Hopefully you understand all of this. Thank you very much in advance for your help on this. I greatly appreciate any advice your willing to give.
A few of you mention filing bankruptcy as a main option. To me, I believe this is a bad idea, because the only debt I have is my home. All my credit cards and other bills are completely paid for. Also to file bankruptcy requires legal fees which I dont really want to pay. Also some people mention that I should just stay in the house, but I am changing colleges in the fall and I am trying to move closer to school if I can. The difference in distance is about 20 minutes, but that can add up over the course of two years of driving. I am just trying to move on and forget about this house. Thanks again for all your help so far.

Comment on Real Estate Investors Help People by scott.braden

scott.braden — Thu, 04 Mar 2010 23:41:59 +0000

2 things have worked for me:

http://www.meetup.com

and

North Jersey

Marlene Green
GKIC Manhattan & Northern New Jersey Chapter
123 Town Square Place
Suite 451
Jersey City, NJ 07310
201-333-1692
Free 24 Hour Recorded Message: 888-527-1607 ext. 90305
info@gkicnewyork.com
http://www.gkicnewyork.com
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Comment on Real Estate Investors Help People by bobbydarnell

bobbydarnell — Thu, 04 Mar 2010 23:39:59 +0000

Yahoo can help. (No, I do not work for Yahoo)

Learn more about Yahoo Groups. I have used Yahoo Groups to create to National Networking Groups for my industry and one local group.

When you meet other potential investors, buyers, sellers, tenants, etc. it makes for a great "intro" to ask them if they would like to join your "Northeast Real Estate Investment Group" (Or whatever you want to call it.)

Most people will ask you what that is and it provides you with an opportunity to pitch your business in a very "non-threatening" way.

Also, look into:

http://www.linkedin.com

This is sort of a "Six Degrees of Separation" networking tool and is, in my opinion, an excellent resource.

http://www.plaxo.com

This is a "Smart Address" tool and very handy in keeping up with people as their contact information changes.

(NOTE: I am not connected in any way with any of the above mentioned services. I just use them!)

I hope this helps…

Bobby
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Comment on Real Estate Investors Help People by jsjry

jsjry — Thu, 04 Mar 2010 18:37:57 +0000

How can I join, or create a network of new entrepreneurs/business real estate investors in NJ or NY?
I’m just about to get started. For the past year I have been mentally preparing myself to become a business owner / real estate investor. I have been reading books, listening to CD’s, and learning of the accomplishments of some of the most successful people of the yesterday and today, people like Dale Carnegie, Robert Kiyosaki, Earl Nightingale, Dolf Deroos and etc…. I have read and studied about many very successful companies. I just purchased an existing business, and taking the leap. I would greatly like to increase my leadership and networking skills. Also, I’m always looking for knew forms of education when it comes to personal development, business, and investing, I’ll study anything, so any shared experiences would be greatly appreciated. Thank you for taking the time to help.

Comment on Foreclosure Rights by romeo

romeo — Wed, 03 Mar 2010 01:03:59 +0000

stop paying rent. If your landlord is acting irresponsible and not fullfilling his legal obligations to pay his mortgage, then two can play the same game. Dont let them "pocket" your hard earned money, (this is actually stealing since its really the banks money!) dont let them steal from you, dont give them a dime. If it goes to the courts, tell them that your landlord failed to pay the mortgage, and since you where scared to death to be evicted by the bank (and lose your deposit) you decided to withhold rent. Better safe then sorry, dont get screwed like many people are getting screwed right now by greedy, spineless landlords
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Comment on Foreclosure Rights by reenzz

reenzz — Wed, 03 Mar 2010 01:01:59 +0000

Tenants in foreclosed properties are now protected under federal law from immediate eviction. The "successor in interest"/new owner must give tenants a minimum of 90 days notice to vacate. Tenants may be entitled to remain in the unit for the remainder of the lease term, unless the new owner intends to occupy the foreclosed property. Even if the new owner does intend to occupy, the 90 day notice requirement applies.

You must continue to pay rent or you can be evicted like any other non-paying tenant, and the 90 day notice requirement would not apply.
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Comment on Foreclosure Rights by acermill

acermill — Wed, 03 Mar 2010 00:59:59 +0000

You need to continue paying rent as long as you live there. Your lease is still valid, and the financial situation with the landlord has no bearing on your lease nor on your responsibility to pay him the rent. A new federal law basically allows you to continue to the termination of your lease once a foreclosure has occurred. Nothing will change except that the bank will be your landlord after the foreclosure is completed.
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