Need Help Really Fast
How do I go about finding a private investor who is willing to purchase home in foreclosure sale day July 16th~
who would be willing to do lease purchase with the original owner. Owner was not given the right info. Paid for loss mititgation services and it was to late .. wells fargo not willing to work a deal without 15thousand up front to bring the mortgage within 12 months past due!!
Did not even know all this was paying FHA insurance and could have went to Hud for help with all this stuff!! Just a raw deal all the way around!
Any info is apreciated ! Owner able to make mortgage payments and can prove income .. only have til friday at 11 am ... time is running out :cry:
I'm sorry to hear about your situation...I recently lost my home to guess who "wells fargo" so beieve me when I say I know what you are going through. In NJ you can go to the sherriffs dept. and stop the sale 2 times...you have to bring a letter and I believe it was $20.00, this will give you more time if you haven't done so already....you can also go to the judge and request time, especially if you can show that you plan to sell or can make arrangements to fix the prolem ( all of this I found out AFTER we lost our house ) we were however "LUCKY" if you can even use that word as we are getting over 100,000 in surplus from the sherriff sale..so if your house does go into the sale make sure you find out how much it went for, any surplus will go to you but they won't notify you...you have to do the work yourself. Also, be very careful with investors, they come to you all nice saying how they want to help you in your situation...what they really want is to get your home for the least amount of money (understandable)..I had one guy tell me he would give me 340,000 for my house (which is what it sold for at the sale)...then after doing all of his numbers he stated he would give me 50,000 BUT I had to split that amount with him giving me only 25,000 cash, in the end we were better off with the 108,000 surplus from the sale. Although our credit is severly damaged because we have such a large down pament we were able to get approved for a mortgage...and now that we know about wells fargo and ocwen financial we have learned a valuable lesson....be VERY careful who holds your mortgage!!! Best of luck to you...also you should look into any lawsuits against wells fargo...we are suing ocwen who is linked to them so I would imagine there are suits against them as well. GOOD LUCK!! :-(
i agree you won't get any cooperation from wells fargo - their main mortgage operation is 2 blocks from my office and I refuse to deal with them - unless it is fro a BIG short sale!!!!
you should post the details of your situation. I do not think i would be interested in investing in PA; but if you were a little closer, I'd want to know:
A) when did you buy, for how much, how much down (and where did the DP $$ come from)
B) how can you be 12 months behind and make me think you will pay me ontime?
C) what is your house really worth (what would it sell for by a realtor within 7 days), not what you think it might bring on a great day
D) do you know the redemption laws in PA? perhaps you are better off just letting it go to foreclosure and redeaming it with a new mortgage.
hope this helps
Ok .. lots of helpful information here and you all have good points. Yes you are right what investor would look at the payment history and believe that this person would pay ontime. However the person suffered one hardship after another. Starting with the unexpected death of her spouse in 99 no insurance of course.So there was funeral expense.. then again almost to the date a year later her daughter passed away from renal failure. Then she was injured and became disabled and unable to work she is now getting SSI . Then she got 5 grandchildren to raise since her other daughter left them all .THEN last year in march she suffered a fire that put her out of the home and the contractor took the money and ran .. it took the news crews to get him to complete any work here .. ALL of this is on paper. No BS here .
NOW >>> i have a question .. how do i get the property redeamed as in the first reply ???? I know not much !
The home has a balance of 95.466 owed with 14,669 in interest owed as well.
Wells was a very unwilling participant in this all together .. they sent a letter months ago saying that they anticipate HUD taking over the home and that we can apply to stay temporarily in the home for a rental fee.
Also .. I called about the ACT 91 it is not for FHA loans . SO i called Huds national servicing center and boy did i get an ear full . First off there is FHA insurance on the home .. who knows what this is ? I had not a clue til yesterday .
There is not enough time to get help from them and she is to far behind as well. SHe filed bankruptsy and had it dismissed since she was paying rent mortgage and trustee... (thanks to that contractor!) SO now I pay for a loss mitigator .. honest well I would not say cause HUD informed me they charged me for information that I could have gotten for free from HUD ! AND .. now we are what 24 hours from a sale !!! ok I am the niece in the matter and well I have alot at stake since I am now living here in the house with my kids ! though we could pull out of this mess. SO now how do I buy this place or get it redeemed ?? as one said . ALso one more thing . How do I stop the sale of this tommorrow ???
is that possible in pa ???Evn if it is to sell ? I will buy in heart beat! WIll do what I hve to ..
awaiting replies .. thanks !
Sounds like an investor should have tried a short sale a few weeks ago. She certainly meets hardship requirements.
As an investor, even though her story is sad, I would not let her stay in the home unless some major things had changed indicating that she would now be able to pay.
At this point you have a lot of money to come up with in 1 day... Don't know what to say...
Has she already filed bankruptcy? Filing an emergency Chapter 13 petition at the Federal court is the only way to postpone the auction unless you can pay off her entire, accelerated loan. After the emergency portion has been filed with the court you have 15 days to complete the package or it is automatically dismissed. Talk to an attorney that does bankruptcies. The auction will have to be rescheduled for some time after that. What can you do with 15+ days?
I suppose that if you are on title you could file a bankruptcy petition as well and that might slow things up. The problem is that you need to show an investor how he is going to make $$ buying your house and what the turnaround time is on his investment. Then you will have outside $$ to help you with your problem. I think that you can get the emergency petition papers from a legal stationary store.
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thanks everyone for your help. Here is what happend as of today . Well no investor will touch her as most of you had said .She has to much bad behind her . Anyway I consulted an attorney friend who does Bankruptsy's ect. And helps home owners in trouble. her bottom line was this .. she knows the situation and said"Why are you putting your sweat into a home that has no equity ... you are spending good money on bad ideas and in the end you are ending up nowhere . My guess is noone will bid on this house and wells will regain ownership of the property .. then turn it over to HUD> it will take at least 6 to 9 months to get you all out of the home since they have to file a motion to eject. In the mean time take all the money that would normally go to mortgage and bank it .. when hud gains the property call hud and make an offer or see what they will sell to you for. Then ask them what kind of programs do they have for low income persons such as yourself. Take the money in the bank use it towards the purchase and then YOU personally own the home if that does not work out .. you have the money in the bank to fall back on to either down payment on another home or for rent and so on..... "
She explained to me alot that I just did not get or understand.SO does anyone think this is a bad idea or incorrect info? would appreciate anyone's idea's . At this point Aunt has said she is done with the home and what ever I do I do . If I want to buy it for myself then so be it . She is out of it .. the home holds alot of family senitiments since a family member passed away here and it has LOTS of potential . Nothing major either needs to be done to it. all small stuff.
I dont think it could hurt to take that route. and since someone close knows the story and knows what I have been going through for the last 5 months with this I would hope the information would be not only worth listening to and correct. To answer some questions .. she is barred from filing chapter 13 for 180 days ..
that time does not end til August 24 of this year/ That was a thought but soon became no option.
as for the loss mitigator I paid for they are offering me some sort of refund minus paper work they filled not sure how much yet but hope it is worth looking at since the amount paid was over a thousand .
well here is an update.. At the last minute Wells suspended the sherriff sale pending loan modification..
Problem #1 they want a wopping 6,000 down then new payments on the mortgage begin in October.
Problem#2 Dont know where in this green earth anyone is coming up with 6,000 at the drop of the hat
Problem #3 I think the house has been relisted for sherriff sale in August .. SO I am left with little time again to figure something out .
To this moment I have tried every avenue possible to come up with 6gran.. Not happening in this life time. I am begining to think we would be better off buying this house our selves . However I dont know how to to go about it since she is in and out of SHerriff sales.
And .. Problem #4 MY husband is a subcontractor who gets paid cash and he is responsible for his taxes.. He spent most of last year layed off from his reg job and he was not recalled.. How do you show proof of income when the income comes to you in cash??? Or should I say Check .. But he is NOT 1099'd..
Ok so now . How Do I approach wells fargo about letting selling the home to us and Getting aunt out of this deal all together. THe home is NOT going to appraise at what she owes I am sure of that since the contractor never finished his job completly... She owes roughly 95,000
So now what ?
Try to buy home and assume an FHA mortgage our selves ??? OR let it go for sherriff sale and say forget it ?
You could show up the day of the sale and approach the investors who are bidding on the property. Ask the winning bidder if he would consider it!
Best Riches,
Jeff Adam
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