sheriffs sale
Our house is now in foreclosure and the sheriff's sale is in about 2 weeks. My question is How long can we stay in the house past the sheriff's sale..for the 6 months we have to redeem the house if we can?...or do we have to move immediately?...thank you
Depends entirely upon the laws and customs of your state.
Re: Sheriff's Sale
We live in Michigan...what are the laws and customs in that state?
6 months to 1 year redemption depending on your equity position and/or property. I also live in Michigan. Have you received anything posted on your property from the Sheriff? It should state the redemption period there.
Tom
the notice says we have 6 months to redeem the property...i assume that means we have 6 months that we can stay in the house and try to find somewhere else to live if we can't redeem the house, before we have to move out after the sheriffs sale...am I correct on this?
yes you are right you will have 6 months from the date of the sale. and many time the bank will have a realastate agent to offer you cash for keys in your last month of redeption. if you still are living there.remember you also can still sell your home within the aloted time.and keep any additional funds that over seed the amount owed to the bank. good luck mike[ Edited by gambler on Date 05/31/2003 ]
ladybug, the house is yours for 6 more months. If you can find the money and pay off the mortgage then you can keep the house. You can still live in the house until the 6 months is up.
Tom
ladybug, the house is yours for 6 more months. If you can find the money and pay off the mortgage then you can keep the house. You have 6 months to do it in. You can still live in the house until the 6 months is up.
Tom
ladybug - What is your FICO Score? and if you are married what is your Husband's FICO Score?
theloanranger
IF you would like send it to me by email.
theloanranger@rei-u.com or call me at 601-604-0097 and if you can not call then send me your phone number and I will call you.
what exactly is a FICO score>thank you
FICO score AKA credit score...you can find it if you get a credit report on yourself.
Yes Tanya, that is correct, and equifax is one credit reporting service that will put it on top of your requested credit report. Usually three number like 525, or 721, or something like that.
James
Can a Short Sell still take place AFTER a Sheriffs Sale???
Whre do you see this? I cant find it on my Equifax report.
Quote:
On 2003-06-01 16:25, theloanranger wrote:
Yes Tanya, that is correct, and equifax is one credit reporting service that will put it on top of your requested credit report. Usually three number like 525, or 721, or something like that.
James
[addsig]
Dear Ladybug;
If you want to stay even longer in your house, go find an attorney and file for Chapter 13 bankruptcy. That will postpone the Sheriff's Sale for a good long time.
Even if you don't file for bankruptcy and the house gets sold, the 6 months is the least amount of time you can expect to stay in the house. If the house is not bought by a private investor, but instead goes back to the lender, you can almost expect it to take a year for them to get around to asking you to leave. Banks move very slowly. Private investors move very quickly.
I am a michigan investor[ Edited by ZebraHouses on Date 06/03/2003 ]
i have another question...my husband is not working at the moment...jobs up north here are not plentiful for what he does...he is a mechanical engineer...if he goes back to work soon...and if the bank gets the house back at the sheriffs sale because no one is interested in buying our house...is it likely the bank may work with us to help us keep the house...during the 6 months after the sheriffs sale...are banks likely to want to help people out like us...
one other question...of many i will probably have...who do my i contact regarding who may have bought our house or if it went back to the lender after the sheriffs sale...the county courthouse...the sheriff...want to find out if it gets sold or not...thanks
hi...just wanted to get answers to a couple of more questions if i could... 1. if the house goes back to the bank at the sheriffs sale...and my husband is back to work within that 6 month period after the sheriffs sale...will the bank probably work with us on redeeming the house back?...2. Who do we call the day of or the day after the sheriffs sale...to find out if someone bought the house or if the bank got it back...the sheriffs office? the county courthouse?...thank you for your answers to these questions because we don't know whom to ask regarding all of this information...please let me know asap...thanks
vodka,
You can find it where it says, "Fair, Issac and Company" and then a 3 digit number next to it. FICO is a credit scoring model they use based on the Fair, Isaac and Company model, hence FICO. There are other models that lenders look at, like the Beacon score. I hope that answers your question.
Tanya
ladybug,
Sorry to hear about your situation. During the redemption period, you are allowed to buy back your home. You have to check with your county and see how the procedure works, but I would assume you contact the county about buying the property back. You can ask the lender if they are willing to help you if your husband finds a job before the redemption period is up. Anything is possible. If you don't ask, then you'll never know.
If the lender wins the bid or no one bids, then after the redemption period the home will become a bank REO (Real Estate Owned) property. You will usually have to buy it back from the bank and you may have to find another lender to loan you money to buy it back. One option is to find an investor on this forum or in your area who would be willing to help you out of the situation and allow you to lease back/buy back the home. Most investors try to avoid it, but there are some that will allow it. I wish you luck.
Tanya
Hello...we are currently refinancing our home with a Homesavers Loan thru a mortgage co...they want an upfront fee of $350.00 for a deed transfer and appraisal transfer...can that be rolled into the cost of the loan...we are also borrowing extra money from our equity on top of the loan for other expenses...do we have to pay the upfront cost of $350.00 before they will start the refinancing or can that be rolled into the loan costs...and then they will be paid out of the loan...thank you...
bargain76 id say you hit the nail on the head....i got into this business after working for indymac bank as a loan consultant and i saw ALL KINDS of people taking on mortgages such as interest onlys and ARMS just to get into their dream home with almost reckless abandon as to how or what they will do once their mortgages adjust....us folks at the bank always said " man pretty soon therre will be ALOT of foreclosures" and sure enough they are on the rise with many more coming...i own a real estate partnership and at one of our recent meetings we discussed how this will be a good time to start keeping ahold of some of our inventory for rental income since we will be able to get good short sale deals as you mentioned and folks will be looking to rent more in the near future....
Where is the market for pre-foreclosure investors in the coming years, and how can investor benefit ?
In my view, and where I am focusing virtually all of my real estate investing energy, there are two primary markets:
1) Homeowners who have purchased with the so-called "non-traditional, alternative, or exotic" mortgage products, all of the ARM variety, such as;
interest-only,
option-ARM,
100% ( and more ! ) loan to values;
piggyback mortgages ( aka; simultaneous seconds, silent seconds);
any "negative amortization" loan;
etc.
Why? Because of "payment shock", the increase in monthly payments that occur when the initial fixed rate period ends. Often that payment increases on a regular basis once it goes into adjustable rate time. Are people going to be able to make those payments? Some will, many will not.
2) Investors who have bought investment properties counting on continuing home price appreciation.
(hint; condos in Las Vegas and Miami, for one limited example )
If one were to educate themselves about the potential and the substance of those segments of the market, and were to develop and implement a marketing and investment plan, they will be fairly busy for the next few years.
I suggest the place to begin would be to verify for yourself the market potential. One could use Google to good effect here. One suggetion; search "payment shock" ( in quotes ). That should be enlightening.
In line with my own business philosophy of "doing good by doing goog" or "everybody wins", I suggest that if one understands that there is much good work to do and money to be made with those who DO NOT want to sell you their home, and learns how to serve that market with value services, that one will be the most successful of all.
Thank You.
SpyBoy
PS: Oh yeah, the builders are going to be hurting real bad.
It would likely cost you more time and money to try and get the house legally than it would be to put that time and money towards another deal.
Keep in touch with the seller in case something falls through with this deal...
Good Luck!
[addsig]
FMV = fair market value
I shure would like to know what those options are??? Help... anyone?
the admin only deleted his link not the first part of his message, it was a link to a real estate course...that teaches you other options for a low low fee of course.
Greetings 1moreland,
You’re right, no one answered your original post.
If a house has been foreclosed on and has gone back to the bank, it means it didn’t sell at auction. So your question, “why hasn’t someone snatched up all these houses?” is exactly what needs to be asked. Why didn’t it sell at auction? Why didn’t another investor grab it? Does it need a lot of work? Etc., etc.
It’s not that you can’t find good REO deals, but you really have to do your due diligence.
If you’re going to keep them as a rental, how do you plan to buy them with no money down and get 50% of the equity at closing?
Hard money then cash-out REFI? If so, you’re going to want a bigger spread to cover rehab, points, interest, closing cost, etc.
If you’re planning on 100% conventional financing, keep in mind most lenders will only lend on the lesser of the purchase price or appraised value. And if it needs a lot of work, they may not lend on it at all.
There are rehab loans out there, but trying to get cash-out at closing isn’t as easy as it sounds. And remember, banks selling REOs aren’t going to be as amenable to all of the creative approaches a homeowner might be.
Just my initial thoughts.
Greetings tonydicorpo,
There are some rehab programs that will allow what you describe. There are even some that will go 100% on everything.
But what the other poster was suggesting -- just simply overstating the sales price, with the cash coming back to them from the seller after the close of escrow -- that is fraud.
What you are suggesting, is one of the right ways to go about it. But it all has to be disclosed to the lender.
[ Edited by mcole on Date 01/14/2006 ]
Perhaps someone out there has found a way to do what you are suggesting, but the absence of replies suggests not. My experience has been the same as yours.
The approach you are suggesting can work PRIOR to the foreclosure auction, with a short sale or similar deal. Once the mortgagee repurchases the property at auction, they stop dealing with potential purchasers until the property is ready for market.
Perhaps someone out there has found a way to do what you are suggesting, but the absence of replies suggests not. My experience has been the same as yours.
The approach you are suggesting can work PRIOR to the foreclosure auction, with a short sale or similar deal. Once the mortgagee repurchases the property at auction, they stop dealing with potential purchasers until the property is ready for market.
My experience has been bad.
NC , the Raleigh area is a sellers market sort of.
The banks want to get full retail for their crap.
The listing agent says that they are looking for
homeowners to purchase the homes. I have been
making offers below their listing price, factoring my
costs to fixup etc. I am an investor and will NOT pay
what they want.
I guess they want some fool to pay retail and accept
the risks. The homes are all still sitting and they
will. I am going to stay away from the large banks
and their properties. Just not worth the time. Perhaps
smaller banks will be easier to deal with. This market
will have to change and the rates will need to move up
to slow it down.
-Krish