Say .....I have seen many cases where people have filed bankruptcy and they have just ended up in foreclosure a couple months later.....how bad would that be to have a foreclosure and bankruptcy on your record? Also say.......If those people would have simply sold their property they could have moved on already rather than suffered for another year with credit that is pretty much wrecked for a long time.
I generally get them to sign about 20 different forms which includes a warranty deed (non specific grantee) POA etc.
I actually never file the trust documents or the warranty deed unless I have to.
I guess the trust could buy the property and I could assign beneficial interest to the end buyer and let them buy it in their name...
But the bank is usually buyer specific with its approval.
I get everything signed and notarized "just in case" and my deals are usually flawless and smooth because I have everything I need.
The real reason for the trust is to give you power to do whatever you want with the property without your name all over it should you need to or should you need to cloud the title etc.
[addsig]
The opening bid will be by the foreclosing note holder in the amount that is owed by the borrower. Other than that, it is very hard without additional information such as other liens which may survive the foreclosure. Not only is the amount of these liens important, but there may be other terms and conditions to consider. Another issue, of course, is the amount owed on the foreclosing loan. Yet another is the real estate market in your area.[ Edited by edmeyer on Date 08/08/2005 ]
In my experience the opening bid will be at least what is owed to the bank and they will take it if nothing is bid over that. In my area it is gettin hard to get a bargin due to so many people bidding and athe deposit will reflect what they think it is worth. Deposit being 10 % of value
Hi,
In my state (Oklahoma) the following information was posted on the Sheriff website. Keep in mind, if the property has a mortgage on it the lender will usually send a representative to the sale and bid up the property to what is owed.
To purchase a property you must meet the following requirements:
Minimum bid must be at least two-thirds of the appraised price of the property.
Down payment of at least 10 percent of purchase price is due within 24 hours of sale.
Certified funds are required, made payable to Patricia Presley, Court Clerk. Any sale is subject to cancellation by the plaintiff.
[ Edited by tr8derchick on Date 04/28/2008 ]
the deed is the only one recorded....all of the other documents look fine
why didnt the person want to sign? afraid of all of the paperwork or just didnt want to sell?
Say .....I have seen many cases where people have filed bankruptcy and they have just ended up in foreclosure a couple months later.....how bad would that be to have a foreclosure and bankruptcy on your record? Also say.......If those people would have simply sold their property they could have moved on already rather than suffered for another year with credit that is pretty much wrecked for a long time.
That is under the assumption they are filing Chapter13 because if they miss a payment in their plan the foreclosure process could start again.
I generally get them to sign about 20 different forms which includes a warranty deed (non specific grantee) POA etc.
I actually never file the trust documents or the warranty deed unless I have to.
I guess the trust could buy the property and I could assign beneficial interest to the end buyer and let them buy it in their name...
But the bank is usually buyer specific with its approval.
I get everything signed and notarized "just in case" and my deals are usually flawless and smooth because I have everything I need.
The real reason for the trust is to give you power to do whatever you want with the property without your name all over it should you need to or should you need to cloud the title etc.
[addsig]
The opening bid will be by the foreclosing note holder in the amount that is owed by the borrower. Other than that, it is very hard without additional information such as other liens which may survive the foreclosure. Not only is the amount of these liens important, but there may be other terms and conditions to consider. Another issue, of course, is the amount owed on the foreclosing loan. Yet another is the real estate market in your area.[ Edited by edmeyer on Date 08/08/2005 ]
In my experience the opening bid will be at least what is owed to the bank and they will take it if nothing is bid over that. In my area it is gettin hard to get a bargin due to so many people bidding and athe deposit will reflect what they think it is worth. Deposit being 10 % of value
Hi,
In my state (Oklahoma) the following information was posted on the Sheriff website. Keep in mind, if the property has a mortgage on it the lender will usually send a representative to the sale and bid up the property to what is owed.
To purchase a property you must meet the following requirements:
Minimum bid must be at least two-thirds of the appraised price of the property.
Down payment of at least 10 percent of purchase price is due within 24 hours of sale.
Certified funds are required, made payable to Patricia Presley, Court Clerk. Any sale is subject to cancellation by the plaintiff.