California Foreclosures With Sale Date Already Scheduled
Hi Everyone!
I am trying to find a way to make this work.... any info would be helpful.
Foreclosure Sale is scheduled for 2-14-06 can I still bring the borrower current and stop the sale?
Thanks for any help!
YES you can.... Very easy to do..... make sure you adhere to 1695
[addsig]
if you think the information is timely and reliable, contact all of them. In a nutshell, its a numbers game. more contacts, more opportunities.
Eric,
You need to check on new legislation before you get all wrapped in forelcosure investing in your state as there are presenting a bill to make it just about impossible to do deal with a seller in foreclosure.
Here is just one link on the matter.
http://originatortimes.com/content/templates/standard.aspx?articleid=1690&zoneid=1
John $Cash$ Locke
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Thats too bad. Investors on TCI have known for years not to buy properties from people in foreclosure and then let the seller stay there.
John Locke-
Really? How can they do that?
Anyway, the link would not connect, could you please re-check/re-post it so i can view it.
Thanks,
Eric Bouska
John-
So these are only in effect if the law is passed?
Everything that happens before the law is expost facto right?
if im reading correctly it will be illegal to purchase homes under 82%?
But we will still be able to "wholesale" if the law is passed, by using state issued contracts?
Just a few concerns.
It is my understanding that these laws are proposed at this time and if they do go into effect then what you did before then would be de facto.
My take is there are many changes that will take effect in our great industry and if a person wants to continue in the investing field they should look at alternative ways to do so.
I know that I will continue to do Subject To deals as long as the state statutes allow it, however after much study I have found a way that will allow me to do deals without taking title, no tursts, no flips, etc. and with the lenders blessings and certainly complying with state statutes even if it comes to foreclosures.
John $Cash$ Locke
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laurian,
Glad to meet you.
I would say you are right on in your assessment, if the seller does not stay the 82% would still apply in purchasing the property.
John $Cash$ Locke
[addsig]
Hi John...
Out here in California we have been dealing with the problem of equity purchasing and foreclosures for some time...
And I would say we have some of the strongest laws on the books...
I would caution everyone not to jump to too many conclusions until the law is passed and wording written.
Right up front I would want to know how they will define "Fair Market Price"
I buy everyone of my deals foreclosure or not at fair market...
And to everyone in the state... If you cant buy foreclosures buy them before they get that deep in debt...
Its all about marketing...
Just my too many cents...
_________________
Michael Quarles
"Marketing is the key to Successful Investing"[ Edited by IBuyHousesInc on Date 02/04/2006 ]
Do your DD first not last!!! Great post!
STEIN
"Is the fact that the second filed first of any significance?"
To my knoweldge, it makes no difference which LP is filed first. All Plaintiffs are notified, and many times they join together into one foreclosure action.
The fact that the second mortgage is in default may be the reason why the first filed, too.
Hello...
What about those Steelers?
Anyway..... Assuming that you can qualify for an assumption with the existing lender what would be the disadvantages of buying subject to?
[addsig]
Its a NO-NO to pay the sellers direct month to month
to pay the mortgage.
Thats what you setup an escrow for and use the
escrow service to do the job. It gives peace of mind
for the buyer and makes it sound professional and
convincing to the seller to do a "sub-to" deal.
My 2 cents.
Krish