Desperately Seeking Investor For Upcoming Foreclosure
I have family members in the Visalia California area who are going to be loosing the family home. This home has been in our family for almost 40 years and it is heartbreaking to let all the memories go without a fight. Since my family and I live 3000 miles away, & outside the country we are unable to acquire a mortgage to try and save the home on our own. I am appealing to any one who might have any information that we may have over looked on how we can possibly acquire a foreclosure property ourselves or if there is an investor out there willing to help so they might be able to stay in the home and eventually purchase it back on a rent to own type of situation. With the ridiculous interest rate that the lender kept increasing there would have been no way that we could provide any subsidy on a monthly basis that would have made a difference. At this point it has already gone into default and they are waiting to be notified of a foreclosure date. We are not looking for the obvious answers here as to what could have or should have been done in the past, but what we can do now. We have excellent credit, carry a mortgage and have equity in our home and were willing to put it up to help our family out, sign a note of guarantee, or try to get pre-approved to purchase at foreclosure if possible, but because we do not live in the states have been informed we can not do this. Serious replies only please, this is a stressful situation for my family members and I would like to make sure we have exhausted all avenues before the foreclosure date. Thank you. **Please See My Profile**
In these tight lending time, I have spoken to 2 people that have done 97% purchase loans to buy SFRs
I thought the days of "sub-prime" high LTV were gone.
CK is right on the reinstatement. I would then look to see if the loan can be assumed.
The current process is CA is basically as follows:
30 day notice of intent to file NOD
NOD filed, 90 days to NTS
NTS filed, 3 weeks to auction
This is presuming non-judicial foreclosure.
Here is some additional information that should have been included with my first post to get some proper advise I think. My family had a chapter 13 bk that they dropped out of because of the maturing ARMs (both the first and the second) and their payment was too high to start with. So, the bk was dismissed, and they went to the chapter 7, and the first mortgagors representative went to bk court on the 29th to file a motion to move forward with setting a date of sale, since they were temporarily stayed due to the chapter 7. They did not file an objection to this because they are unable to come up with the total amount due to catch up and even if they did, they would still be looking at payments that are too high combined with the 2nd. The home, as I hear has been the case in a lot of instances was overvalued and therefore does not have any equity in it as it is valued in todays market.
Sounds like it might be worth it at 650, but did you run comps and see what homes are selling for there?
How did you come up with 650?
Are there a lot of foreclosures in the area? Are you doing the rehab yourself or selling to a rehabber? What do you plan to do with this deal?
The bank that owns the note will pay the real estate commission.
There are demographics sites which I have seen provide renter/ownership info down to the zip code level,.
I think any affluent areas with NYC commuter train service would be a good place to start looking.
If that be the case, is it then possible or is there any way to complete a short sale?
Thanks[ Edited by reweb on Date 11/19/2008 ]
In order for a property to convey, everyone on title and thier spouse must sign.
If the homeowner has flown the coop (so to speak) who is paying the mortgages?
If its you or the brother there is one set of answers,
If the homeowner has made some arrangement then another.
If you are looking to refinance the property, only the person currently on title -- the current owner of the property -- can do a refinance. Does not matter who is responsible for the current loans, since they will go away with a refinance.
Only the current title holder can give a mortgage to collateralize a new loan.