Posted on 01/11/2011 4:04:44 AM PST by hsmomx3
I think that hsmomx3 has been in the foreclosure process for quite some time now, she was sadly unemployed for a couple years.
hsmomx3
I think IrishCatholic has a good idea. I wouldn’t fool with the bank any more than I had too. Most likely the people you are dealing with are the Servicers not the people who hold the note. The Servicers have been repeatedly shown that their are milking the foreclosures for all the money they can in fees and are working both sides to increase their gain.
But I was talking about individual employees buying real estate for personal use.
The earlier post seemed to indicate bank employees would get personal gain from buying someones home who their employer foreclosed on.
After thinking a bit more I think you should consider allowing your parents to buy you a place and then follow IrishCatholic rent to own plan, but now I am not sure they should buy your present house. No matter how much you love it it will have a certain amout of for lack of a better way of putting it ‘darkness’ hanging over it. Maybe a new place and a new start would be better for both you and your family.
What I have read online is that it is simply mandatory to get an experienced reo-saavy realtor to handle ANY type of foreclosed property, including the submission of bids for bank owned or REO properties.
Is this correct???
Thanks!! :)
There is a lot of advice and suggestions being dispensed here in an effort to help a Freeper. Take all with a grain of salt.
The link furnished below describes a situation where the auction process was abused. If not for the increasing scrutiny on Florida's courts mainly by citizens and increasingly the press I suspect the bids would have sailed right through.
A house for $200? Foreclosure confusion leads to rock bottom auction prices
I’m not positive, but I think that her home went into foreclosure in 2009, so it seems like this is really the end of the “tunnel” — as the foreclosure auction is next month.
Ask your agent about what exactly is meant by arms length transaction. When you go to closing you and the seller will be asked to sign documents pertaining to this, stating the seller is not now nor will be in the future a buyer or a tenant, regardless of what your purchase agreement says.
Do you have a problem with my information? If so, please be specific and don't imply that I am giving wrong information.
I was required to sign the statement before the bank would consider our offer. It contains no statements that restrict who I can sell or rent to.
Maybe it a matter of perception but the message I got from reading your posts was that foreclosure auctions could not possibly be fraudulent.
Quote from the article I linked:
"It's yet another muddle for the already overwhelmed foreclosure courts to sort out as former Stern cases went to auction with no bank representation, bids or proper public notice"
This would beg the question...if there was "no proper public notice" who were these people doing the bidding? How did they find out about the properties?"
The principal question will be how aggressively the parents will have to bid in order to win the auction. If they are prepared to pay an amount equal to the unpaid principal balance plus delinquent interest they are likely to carry the day. But if this were the case they probably would have personally refinanced their children's defaulted loan and the foreclosure would never have occurred. In the more likely event that they are not willing to make the lender whole, the lender will purchase the loan at auction and proceed to market the REO property.
If the lender acquires the home at auction it will likely contact the parents to determine whether they wish to acquire the REO as they had expressed interest in it at auction. At that point some price agreeable to the parents could be determined. But the children will have been evicted by this point, so the issue is likely to be essentially moot. On balance, I suggest that the poster vacate his home and rent a new place. Presumably, his parents will be willing to extend him a loan to purchase a new, unencumbered home of equivalent value to his former home at some point in the future. Moving is a pain, but it is likely to cause less stress and acrimony than any other alternative discussed here.
Maybe it was a matter of perception but the message I got from your cc'ing hs to take my information with a grain of salt to mean that you believed that I had posted false information.
The lender will most likely not bid above fair market value which is most probably less than what would make the lender whole. If he purchased at a price that would make him whole, he would then be faced at selling at the market value which would be less than the price he paid for it and also entail additional fees and carrying costs. Most likely the lender would not bid to fair market value unless he felt that the market represented a case for sudden revival.
I didn’t read it that way — I just thought s/he’d read the entire thread and seen way too many points of view, LOL
I think the word "all" qualifies my suggestions and advice as well.
Maybe the situation in Palm Beach I linked to was an isolated incident.
I ignored your last post to me willing to let it go but just to be clear, if that was your intention, you should not have posted to me nor reposted my post and the words 'take all with a grain of salt'. Thank you.
Please feel free to poke me in the eye and have the last word. Neither of us are contributing much but vitriol at this point.
The lender will most likely not bid above fair market value which is most probably less than what would make the lender whole.
You may be correct if the sheriff is conducting an open auction. In that case, the lender will have no reason to preclude a winning bid from a third party. If it is a blind auction, the lender will submit a bid that is consistent with the balance of the defaulted debt, purchase the home and proceed with marketing the REO.
As I pointed out, I let you have the last word but you were not satisfied with having the last word, you had to come back again. Obviously, you were pointing out that my post should be taken with a grain of salt while you ignored others that were posting from left field. If you have problems with my information, please post your concerns. Thank you.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.