Short Sale / Foreclosure Help Brevard

Your Questions About Real Estate Short Sales In California

Larry — Sat, 19 May 2012 12:05:01 +0000

Ken asks…

I make an offer on a piece of Real Estate and the seller backed out can I sue?

I bought the property for $40,900 and the seller bought her property a year and a half before that for $45,750. I think the market value is around $50,000. She signed the contract for $40,900 and now is claiming that she doesn’t have enough money to close and we might have to take a short sale with a bank. I don’t know if the bank will take the hit though. The contract expires in 10 days. Could I make the case that by me not aquiring the property I have lost $10,000 since I would have bought the property $10,000 below market value also for wasted time. Time is worth money too. The owner is in California I am in Ohio. Where do I file a suite? Should I get an attorney? Will they reimburse me for attorney costs?

Larry answers:

If she does not have the money to settle she will not have the money to pay you even if you win, so you will pay lawyers and get nothing.

David asks…

The bank does not want to negotiate a SHORT SALE! What should I do??? HELP!?

My mom bought her town house approximately 7 years ago for 435,000 plus some 30,000 in improvements. With the depleting real estate industry in California the fair market value of the house is 189,000. She went to see her realtor to do a short sale, since the loan modification didn’t worked out (it only reduce the monthly payment for around $200). Everything was alright until the Credit Union calls the realtor and told her that they were not going to do any kind of negotiation. They also told the realtor that they do not have any foreclosures because they are very selective with their clients. The realtor told my mom that is the first time a bank calls her saying no to any king of negotiation. The realtor had sold over 10 houses in same neighborhood on Short Sales and all banks she’s been dealing, they have been open to negotiations. In addition, my mom is 60 right now and in the past year she’s been having some serious health problems (heart, cholesterol, etc.). And a lot of them are related with the stress of the mortgage payments. She has two jobs to support her self, which is not recommended due to her age and heath conditions.

What my mom should do?? Please help! If you have some websites with laws or laws interpretation related with this will be helpful!! Thanks

Note: She bought the townhouse as an investment. Seven years ago things were great in the area she’s living, so the plans were buy it, live it for a few years a sell it. With the supposedly gain, she was going to build her retire home in her home country and live from the pension she’s receiving.
The 2007 Mortgage Forgiveness Debt Relief Act (Public Law 110-142, HR 3648), amended the tax laws to allow borrowers negotiating the loan on their primary residence to avoid having to declare this debt as income (limited to debts of $2 million or less.).

Larry answers:

Was your mom trying to do the short sale for less than was owed on the house if so that is why they said no she would of still been liable for the remainder of the loan and in some states the lender can not or will not foreclose on a home that is owing more than it is worth.Sometimes they just sit and wait till the value goes back up and then they take action

If your mom is current try and refinance or find some one who will buy the house for what is owed if that is what she did before and they said no than either let the house go and be stuck having to pay taxes on the amount foreclosed on keep paying the high amount and just deal with it or file bankruptcy and let the trusty work out a new payment or you can try to hire a negotiator to try to make a deal with her lender those are the only things I know to do

edit: Also when you do a mod they take your finances so they think that your mom can afford her new payment if her finances have changed since she did the mod then she needs to call the lender and have them do a new financial assessment and see if they have and other things that she qualifies for but most lenders will only allow one mod per loan but some will let you do it more than once

Richard asks…

My landlord in foreclosure, but short sale is pending, how many days do I have to move?

I know lots of people are entering this situation, and I have read a lot on the subject – but lots of different answers can be confusing. My landlord went through Notice of Default and Auction Sale date has been postponed once now as there is a short sale offer that is pending by a Real Estate agent representing my landlord. I know there are different rules and laws for Federal, California state, San Diego County, and my small city outside of San Diego – where I live in Spring Valley, CA in east San Diego County.

1-Question – If the short sale is made before the next auction date, how many days do I have to move out of the house?

2-Question – If the short sale does not go through, and the house is sold in auction next week, how many days do I have to move out of the house?

3-Question – If both short sale does not go through, and bank does not accept bids at the auction (bank keeps the house to try and sell it for more than was bid), how many days do I have to move out of the house?

I know there are many smart people on this subject out there, especially in California, and I really appreciate your help and good answers.

Thanks,
Tenant of Foreclosed Landlord in San Diego
Forgot to state another pertinent fact – I do not have a lease, it expired years ago and we are on month-to-month. Seems like the pattern was dependent on having a current lease. Does not having a lease change the answers?

Larry answers:

If you have a lease you do not have to move at all. Weather it is sold or gets foreclosed, both the new owner and the bank are legally required to honor your lease.

IF YOU HAVE NO LEASE THEN: 1. Old owner can give you 30 days notice at any time. New owner can give you 30 days notice as soon as they legally take possession. 2. Same as #1 3. If the bank takes possession they must give you 90 days notice.

Your Questions About Short Sale Real Estate

Larry — Fri, 18 May 2012 12:05:03 +0000

Robert asks…

whats a short sale in real estate slang?

I’m looking into buying a condo, and several I am interested in say they’re “short sales”. What does that mean?

Larry answers:

Selling short applies to anything, not only to real estate. All it means is to sell to the best offer, much like an auction. The seller will sell at some point in time to whoever pays the highest, which may be less than the actual market value of the home and underlying mortgage or at the same time it may not sell for less than what is owed. It prevents foreclosure and the buyer can sometimes get a really good deal with a house well under market value which can be fixed up with some new paint and sold again and make a profit for a minimum of effort. It gets the name from the selling price which may be “short” of the mortgage balance owed.

Helen asks…

what does short sale in real estate mean?

Every other home that is listed in mls in my area, put “short sale” in description. what is short sale?

Larry answers:

A “Short Sale” is when the property for sale is listed at a price that is less than what the current owners owe for the property. So if the house was purchased for $100,000, and now the original buyer is late on their mortgage, with the recession in housing, the house may now only be worth $90,000 – and that is what the seller is now listing it for. Once the seller receives an offer, they will submit to the bank that the house is only worth as much as the offer. The bank then has the option to accept the offer and let the original seller “off the hook” or not. Often times banks will accept the lesser amount because the alternative is that the house goes into foreclosure, the bank then will have to sell the property, pay the attorneys and the real estate people and taxes. They might be able to walk away with more through the short sale than any other way. Some banks won’t accept the short sale, because they know the property is still worth at least $100,000. Regardless, if a person makes an offer on a short sale home, it means that even if the seller accepts the offer, it still has to be approved by the bank.

Hope that helps.

John asks…

How does this work? The listing broker negotiates the short sale or real estate sales agent?

How does this work? The listing broker negotiates the short sale or sales agent?

I am potential buyer. The main listing agent/broker was at the open house (I think). I may bring in an offer with my own realtor. Does my realtor bring this to the person at the open house? Who actually negotiates the sale with the bank/s? The broker or the my real estateagent? This is a short sale. Is it important that my real estate agent is experienced in short sales? or just mainly the broker? Who needs the real short sale experience?

Larry answers:

Short Sales require experience by all parties. It would be in your best intrest to have an agent who is experienced in the process. Depending on the type of “agency” you have with your agent will determine if they negotiate for you, or simply act as a transactional broker for the situartion. To give you a quick idea of the steps

What is a Short Sale?

A short sale is a process the seller is hoping to complete before they lose the home to a foreclosure. This is good for the seller as a short sale is less dramatic for them as it will typically not hit them on their long term credit as much as a foreclosure. A foreclosure means the seller won’t be able to buy a home for much longer than a short sale as their credit is hit harder. The seller has started the process with their mortgage company by sending in required paperwork. Now they wait for an offer or several offers.

The Offer

Your offer will be written along with the various documents that you acknowledge the property will be sold in “As Is” condition. You will also be informed that the seller will not be making any repairs or be receiving any monies or paying any out of pocket expenses. Most likely the seller will not be disclosing any past repairs or changes made to the property. What does this mean to the buyer? You are probably buying a property for less than the same home would sell for if it was not a short sale so you can expect a bit more out of pocket repairs and a property that is not in “top notch” condition. Some sellers that simply want to make this process as painless as possible and get an offer prior to a foreclosure so they maintain the property beautifully. This is not typical, most sellers are distressed and have vacated the property and have left it a bit in disrepair.

The Wait

The offer gets faxed into the mortgage company along with a copy of the HUD and your proof of financing the property. Most mortgage companies are flooded with so many that waiting to get a response can vary anywhere from just a week or so to several months. Not only are you waiting to hear if they are even going to consider your offer you also may be competing with other offers that are either on the table or come in during the wait process. Sometimes you have no idea that you are not the only offer in or whether or not the mortgage company is prepared to take the lesser amount owed. Be patient, this process is not a sure bet and it can be a long wait. If you absolutely need to be placed in a home within the next month or two you should consider a bank owned or individually owned property.

Acceptance

Assuming your offer has been negotiated and accepted the bank will then give a time-frame in which you MUST close by and the contract will become null and void if not closed by that date. Now is the time for you to do your due diligence and get a home inspection! Do not forego the inspection, you need to know the extent of the condition of the property before the end of the inspection period is over and you are now at risk of losing the earnest deposit if you do not move forward and close on the property.

Your Questions About Free Foreclosure List

Larry — Thu, 17 May 2012 12:05:02 +0000

Robert asks…

Does anyone one know of any free foreclosure listing?

Does anyone know of any good free foreclosure listing in the LA area?

Larry answers:

If you are looking for national foreclosures listings website, check out this site

http://foreclosure-listings-national.com/

Here you can get access to all foreclosures in usa.

Linda asks…

Who has found a FREE foreclosure listing site?

I want a site that doesn’t offer the 7day FREE TRIAL. I don’t want to have to subscribe and be charged for PUBLIC RECORD information.

Larry answers:

You don’t say what country you’re in…but in the USA, I would start by contacting the Veteran’s Administration, FNMA, city and county tax assessors and banks, since they are the major backers of mortgages or collectors of property taxes and have lists of foreclosures. Lenders don’t want to OWN real estate, they just want the interest $$$ that they make on loans, so they want to sell non-paying houses as quickly as possible. While I personally have not looked very deeply into this type of real estate activity, it is my understanding that the person who defaults on a loan has one year to pay any back taxes, interest, principal (“arrears), etc. And reclaim the property; if that happens, they have to pay you some reasonable amount of money, but it sounds too ‘iffy’ which is why I am not interested in tying up money or my dreams in such ventures. Hope this gets you started. Post your results later?

Jenny asks…

Who has found a FREE foreclosure listing site online?

I want a site that FREE foreclosure listing site.

Larry answers:

If you are looking for national foreclosures listings website, check out this site

http://foreclosure-listings-national.com/

Here you can get access to all foreclosures in usa.

Your Questions About Brevard Nc

Larry — Wed, 16 May 2012 12:05:02 +0000

Michael asks…

any info.re; living relatives of Thomas G./Sarah Lyda Kinsey.from Brevard/Cashiers NC area .?

my father Elzie was the youngest of their children.i am the oldest of 3 girls.have lost contact .last time i was in NC was 1958.this was a large family.Please help.

Larry answers:

Rootsweb.com is a free question and answer forum.
Even though I have a membership to ancestry.com, I use rootsweb to contact relatives who aren’t members.
You can post your question and, hopefully, receive replies from family members researching your family history.

Most libraries have access to free phone listings; usually on the same computer as the card/reference catalog, not the Internet computers.
In the early days, before genealogy web sites, I used it, to locate my distant cousins (and former classmates), with very good results.
And, you can print the info you want to keep. In your case, it would be wise to print all listings with the last name of Kinsey, in North Carolina. It shouldn’t cost more than a few dollars.
The librarians will be happy to help you.

P.S.
If Sarah’s nickname was “Sallie” and maiden name was “McNutt”, I have an e-mail address for a person who has a family history book on your grandparents.
Please, contact me thru pappysfirstborndaug@yahoo.com and I will e-mail the info to you.

The following info was on the 1920 US Census,
Brevard, Transylvannia Co., NC.
Head of household:
Thomas G. Kinsey
b. Circa 1870, GA
Sallie, 42
children:
Maude, 21
Lester, 19
Henry, 16
Alton, 14
Hattie, 10
Elsie, 8
Elza, 5
They rented and Thomas is listed as could not read or write.

George asks…

I am looking for a Church in Pensacola, Fl. that is going to the Wilds Camp in Brevard, NC June 4-9.?

Larry answers:

I live in Pensacola but I don’t know any churches that are going to that camp. The only reason I answered this is because the other answerer assumed that you were looking to go to a church just because they were going to a camp. The church I attended when I was growing up didn’t have very many youth so our youth were often invited to participate in the activities that another church youth group had. Also, my now husband and I were involved in a college aged group from a Baptist church where our best friends attended and we went on a few trips with their group even though we were members of an Assembly of God church. I’m wont assume why you asked this question, but my point is that the other answerer shouldn’t assume either. I hope you’re able to find a church that is going. Have fun if you get to go!

Richard asks…

what type of fault is the brevard fault zone?

Brevard, Nc

Larry answers:

The Brevard has been interpeted as a left-lateral strike-slip fault, a right-lateral strike-slip fault, a normal fault, or a thrust fault.

Your Questions About Fha Foreclosure Help

Larry — Tue, 15 May 2012 12:05:03 +0000

Steven asks…

My elderly mother is underwater with her mortgage. How can she legally get relief?

We entered into a contract with a realtor to try to do a short sale on the property. We received an offer and applied for a pre-foreclosure sale (FHA loan) and she was financially approved contigent on them netting 88% of the appraised value. The offer was $100 less than the appraisal so we should have been fine, but the property inspection found problems with the foundation and mold, causing the buyer to walk away. We knew about the issues and disclosed them in report given to the buyer at the time they made the offer. The realtor now says she cannot sell the property and has taken it off the market. Should we try to find another realtor who will list the property or apply for a deed-in-lieu? Will the foundation and mold problems help or hinder a deed-in-lieu application? My mother is now living with me as she cannot live alone due to her age and her doctor’s orders. I would just like to find a solution to help her put this behind her, she is already upset about having to leave the home she has lived in for 50 years.

Larry answers:

It is not the banks concern that your moms has an extended stay at your residence. I also do not believe you are at a stage where you should allow the property to foreclose. Even though your mom is not in the best of health you should still do the best you can to protect her credit, reputation and assets. If this matter is not resolved the bank may assess a judgment after the foreclosure sale which may have to be repaid by her estate if she has any savings. If the property did not sell due to a condition of the property you should discuss this with the bank and request to have the sale price lowered. Obviously, this realtor has given up on the property and you need to find yourself a realtor.

Since you are not staying at the property you should try to arrange to list the property with a realtor that provides FREE property management services and can help you process the short sale request. If you have any additional questions please do not hesitate to contact me directly through Yahoo Answer’s.

Mary asks…

FORECLOSURE? IS THAT A AUTOMATIC JUDGEMENT WERE THEY CAN START GARNISHING WAGES? SAYS PROPERTY WIL BE SOLD16TH?

THIS IS A FHA LOAN IN ARKANSAS SALINE COUNTY is a foreclosure and judgement the same my realtor told me that and i dont believe her so im seeking opinions out there. i had a home that is in preforeclosure it goes to the court house october 19th does that mean i have to go to court. im very confused and i dont know anything about foreclosures if you could tell me if this is true also i want to know whats the next step when will it show up as foreclosure on my credit right now it shows foreclosure in proceedings, best awnser 10 points i promise i need help please be very details like a book for dummy details because i dont know what this means i have no clue i need help i just want to know if its a automatic judgement and then they start garnishing my wages i need a very detail step by step what happens i also herd a 1099 on my taxes i dont even know what that means either please help?
48 minutes ago – 4 days left to answer.
Additional Details
this is a FHA LOAN AND I LIVE IN ARKANSAS!
hey i know the difference between them my question is this realor told me that a foreclosure is automatic judgement she said that on october 19th when ur house is being sold in front of the court house i have to go to court but i was never serve by anyone all they did was send me papers telling me that there saleing my home on october 19th in front of the court house, is this a automatic judgement when its sold does the judge issue it automaticaly this dont sound right at all, i thaught they sold the house bill me for the rest if i dont pay it then they take me to court and get a judgement isnt that right how does this technically work please?
i dont want the house i got screwed out of it i was younger and dumb i also co sign on the thing with a x girlfriend and we was never married, so it was all really stupid now im facing it to go to foreclosure i want it to because i dont want to be stuck with her in it and she being late on the payments all the time like she did i got her where i want her in foreclosure and i want this to be sold and ill just be stuck with bad credit that i dont care i can always start all over and fix my credit again with it beign foreclosed rather than being stuck with her 30 or more years screwing my credit up. even a bankruptcy attorney on chapter 7 couldnt even help me with her screwing my credit up for the next 30 or more years
HERES THE LETTER I GOT FROM THE LAW FIRM —————————–Saline County, 10/19/09, October 19, 2009; 518 S Gibson St, Benton, AR 72015; Dyke, Henry, Goldsholl & Winzerling, P.L.C.; Harris and Nearn; 10313-1000—
http://tgip.net/counties/counties.php?county=saline THIS IS WHERE IT SHOWS ONLINE WHAT THIS IS I DONT UNDERSTAND NONE OF IT

Larry answers:

There’s no such animal as an “automatic judgment” however since this is a government-backed loan, any loss to HUD can be captured from your Federal income tax refunds.

The lender would have to file a separate suit in the local courts in order to get a judgment.

Thomas asks…

FORECLOSURE AND JUDGEMENT IS IT THE SAME? MY HOME WILL BE SOLD ON THE 16TH OF OCT, IN FRONT OF COURT HOUSE?

THIS IS A FHA LOAN IN ARKANSAS SALINE COUNTY is a foreclosure and judgement the same my realtor told me that and i dont believe her so im seeking opinions out there. i had a home that is in preforeclosure it goes to the court house october 19th does that mean i have to go to court. im very confused and i dont know anything about foreclosures if you could tell me if this is true also i want to know whats the next step when will it show up as foreclosure on my credit right now it shows foreclosure in proceedings, best awnser 10 points i promise i need help please be very details like a book for dummy details because i dont know what this means i have no clue i need help i just want to know if its a automatic judgement and then they start garnishing my wages i need a very detail step by step what happens i also herd a 1099 on my taxes i dont even know what that means either please help?
48 minutes ago – 4 days left to answer.
Additional Details
this is a FHA LOAN AND I LIVE IN ARKANSAS!
hey i know the difference between them my question is this realor told me that a foreclosure is automatic judgement she said that on october 19th when ur house is being sold in front of the court house i have to go to court but i was never serve by anyone all they did was send me papers telling me that there saleing my home on october 19th in front of the court house, is this a automatic judgement when its sold does the judge issue it automaticaly this dont sound right at all, i thaught they sold the house bill me for the rest if i dont pay it then they take me to court and get a judgement isnt that right how does this technically work please?
i dont want the house i got screwed out of it i was younger and dumb i also co sign on the thing with a x girlfriend and we was never married, so it was all really stupid now im facing it to go to foreclosure i want it to because i dont want to be stuck with her in it and she being late on the payments all the time like she did i got her where i want her in foreclosure and i want this to be sold and ill just be stuck with bad credit that i dont care i can always start all over and fix my credit again with it beign foreclosed rather than being stuck with her 30 or more years screwing my credit up. even a bankruptcy attorney on chapter 7 couldnt even help me with her screwing my credit up for the next 30 or more years
17 minutes ago – 4 days left to answer.
Additional Details
HERES THE LETTER I GOT FROM THE LAW FIRM —————————–Saline County, 10/19/09, October 19, 2009; 518 S Gibson St, Benton, AR 72015; Dyke, Henry, Goldsholl & Winzerling, P.L.C.; Harris and Nearn; 10313-1000—
16 minutes ago

http://tgip.net/counties/counties.php?co… THIS IS WHERE IT SHOWS ONLINE WHAT THIS IS I DONT UNDERSTAND NONE OF IT

Larry answers:

I am very sorry to hear about your foreclosure. I know that yes, judgment and foreclosure are the same. I used to work at a law firm in a foreclosure dept. Before I got laid off. And they said your sale is Oct. 19th, that doesn’t mean that you have to go to the court house. Almost every county holds their foreclosure auctions at their county court house. You can show up if you would like to see if the house sells to a buyer or if it will go back to the bank. I have seen some cases where the house sold for less than what was still owed on the house and the bank still went after the person for the rest of the funds. Then there are some cases where the bank actually gets more in the sale then what was still owed on the property. It really just depends. And honestly, I am not sure when it will actually hit on your credit report. I never quite saw that end of the situation, but I would assume it would be the same time frame as anything else.

You may have received either a Form
1099-A or Form 1099-C, or both.
You may be able to exclude from your tax return discharge of indebtedness income caused by your home foreclosure.

I hope this helps you. If you have any more questions, let me know and I’ll do my best to help you.

Your Questions About Loan Modification Program

Larry — Mon, 14 May 2012 12:05:02 +0000

John asks…

Is anyone shocked that the Obama home loan modification program is failing?

http://www.nytimes.com/2010/04/15/business/15mortgages.html
The Treasury Department said it could not explain the growing number of what it called cancellations, almost all of which were apparently prompted by the borrower’s being unable to make the new payment.

Larry answers:

Did ANYONE expect it to work??? They couldn’t afford the house before they got the bailout and they damn sure couldn’t afford it after either! No money, no house, that simple!

Lisa asks…

does Obama’s loan modification program include a reduction in condo association fees?

I’m throwing good money out the door for these fees and it seems not too many other residence are. The lack of maintenance and following guidelines is destroying the looks of my neighborhood

Larry answers:

OMG, I would hope not.

You might think Socialism is great, but we are still a free market, you are free to join private associations and the government is not going to regulate that.

Linda asks…

Did you know that Obama’s loan modification program was first instituted by FDR during Great Depression?

not to scare, but it might give you insight into where the government thinks things are headed.

Larry answers:

Yes, and the loans were paid back or converted to bank loans.

That’s the problem with the USA today, someone tells us a lie and it scares us so we repeat it and pretty soon it is like The Big Lie….Home of the Brave does not only refer to soldiers, it means that citizens must have the courage to look for and state the truth, not the schlock that is spouted by propagandists.

Your Questions About Best Refinance Home Mortgage Loan Rate

Larry — Sun, 13 May 2012 12:05:02 +0000

Laura asks…

What should I do to get the best loan?

I currently have an awful mortgage. I took out a 100% loan 6 months ago and want to refinance. My loan was for $211k and the home value is currently $220k. My current rate is 7.875% and payment is $1705 with a 30-yr fixed loan. I previously did not qualify for an FHA loan due to a high debt/income ratio of 43/43 but have since lowered the ratio to 39/39 with a recent pay raise. The home is still at 100% financed and I have only $2500 for closing. My credit rating is excellent.

Based upon all my info what type of loan should I get. I will qualify for FHA but would pay a large monthly amount in PMI. Is an 80/20 loan a viable option? Is it possible to borrow 20% from a family member and immediately take out a HELOC to pay back the family member? Any help or suggestions would be grately appreciated.
There is no pre-payment penalty.

Larry answers:

I have a friend that could get you into an FHA loan and they go up to 50% debt to income ratio, I am surprised the other lender could not find a way to make it work. This sounds like something you should be able to get done. The PMI factor on FHA loans is low so it would make more sense to pay it then take a 2nd out which you won’t be able to get anyways. You should shoot my friend an email. Mike@afbankloans.com
Good Luck!!

Jenny asks…

Debt Consolidation, home refinance question…?

I currently have two auto loans, some credit card debt, and will be purchasing a house very soon. I know they have debt consolidation loans, but all ive seen are fixed rates for them. Do they offer Arm rates for debt consolidation for auto, credit, and mortgage loans? Any info is greatly appreciated. Also ive noticed that quicken loans has the cheapest rates, and best quotes do you know of others that have better?

Larry answers:

I AM SURE THEY HAVE CONSOLIDATIONS LOANS FOR ALL AND TO QUALIFY TO BUY ARM LOANS ARE GOOD BUT SHOULD FIX THE RATE AS SOON AS POSSIBLE AND PAY HIGHEST MAX PAYMENT AS POSIBLE

Nancy asks…

need to refinance my home?

my mortgage is 145000 and I want to drop it to 99000. if I use 46000 to do that how do I get the best rate? would this be refinancing or taking on a new loan? my median score is 632. currently i pay 1100 a month at 8.8% and i would like to drop it to like 700 is that possible? I am a widow and receive SS survivor benefits of 1800 a month and would like to be able to work only part time so i can spend more time with my kids.

Larry answers:

You need to go to your lender for that information……I just don’t know…….how much is your house worth…..are you upside down….632 may prevent you …don’t know……your earning potential is poor and you want to take more time off………not gonna work for you……

Your Questions About Avoid Foreclosure

Larry — Sat, 12 May 2012 12:05:02 +0000

Susan asks…

Refinance possible if no equity to avoid foreclosure?

Our house in CA was bought for $406,000, now only worth 220,000 due to mortgage mess- we have adjustable rates that will go into affect in 3 years (mortage payment will increase by $1500.00 more a month then) I would like to refi to a fixed rate but we now have no equity- my hubby and I have excellent credit- is it possible???

Larry answers:

The biggest problem for homeowners not in foreclosure is the foreclosure crisis itself. With 1 out of 75 homes being in foreclosure in major markets you are sure to have several in your area. Even if you are not in foreclosure yourself this is bringing down your home value and putting you in a bad spot. Refinancing is not an option, you have to go with loan modification. It is truly made for this situation. I recommend visiting a site called http://www.IamMaxed.com or calling your current lender. Several homeowners are so mad at their current lender that calling a 3rd party loan modificatin firm is the best choice.

Donna asks…

Is it fraud if my parents paid off my mortgage & transfered the property to their name to avoid foreclosure?

My parents put down the money in my condo years ago when we bought it. They wanted to put it under my name to establish a good credit. I lost my job over a year ago and had a hard time paying my mortgage & other debts. My credit went downhill. My parents found out it was in the foreclosure process, they decided to pay off the balance so I can still have a place to live. But they transfered it under their name.

Larry answers:

It’s only fraud if you didn’t sign the transfer papers – in which case, someone would have had to have forged your name. There was no need to transfer the name on the deed to avoid foreclosure if the payments were made.

Lizzie asks…

Can a realtor purchase a persons and lease it back to them so that they can avoid foreclosure?

A friend of mine told that this was true in Texas where we live. She said that the buy the house from the mortgage holder and lease it back to the home owner with the option to purchase it back typically within a year. She says this allows the home owner to reestablish their credit score. Is this true.

Larry answers:

Yes. But it’s going to cost you. They are not going to do this for “free”.

Your Questions About Bank Short Sales

Larry — Fri, 11 May 2012 12:05:03 +0000

Chris asks…

Who pays the closing cost during a short sale, the bank or the seller?

We are doing a short sale on our home. We recently had our first offer where they want us to pay $4800 in closing cost. Do we pay that out of our pocket or does the bank pay for it?

Larry answers:

If you have money or will be getting money out of the sale- the bank will expect you to spend that money to make this work.

Most of the time a seller has no money and will not be getting any money out of the sale- so the bank pays any closing costs. They usually refuse to pay any closing that they consider to be “buyer’s normal costs” like mortgage costs. So the bank will likely turn that offer down.

Sandra asks…

How long does a Short Sale with Bank of America take?

My husband and I made an offer on a Short Sale with Bak of American. How long will it take for us to get an answer? The listing agent which is also our realtor states that she is really confident and that she has a lot of experience with short sales.

Larry answers:

You might be on Social Security retirement by the time BoA makes a decision. Your error is using the listing agent as your Realtor. She’s simply blowing smoke ‘you know where’. She wants this deal to stay together so she gets a commission. Don’t count on any sort of quick response from BoA. You are looking at MONTHS down the road.

Lisa asks…

Why do short sale banks make things so difficult on short sales ?

Good offer and the bank keeps stalling.They will no say they want more money and it is not worth more after 5 months.
Do Bankers think people selling real estate want to waiste their time if they will not accept a comparable offer?Bankers are not communicateing enough to allow a good transaction.

Larry answers:

Simple. They don’t want to lose money. Short sales mean they are agreeing to sell a home for less than the owner owes. They are a business that needs to make money to stay in business. When they agree to a reduced price, they agree to lose money.

Say you sold a car to some one for $20,000, and agreed to let them make payments to you for 5 years. After 2 years, they still owe you $12,000 and they ask you to let them sell the car for $6000 and have you forgive the rest of the debt. Would you find that an easy decision to make? No, you’d probably make it difficult as you want all your money, not half.

Same for the banks….

Your Questions About Brevard County Jail

Larry — Thu, 10 May 2012 12:05:02 +0000

Nancy asks…

Please read and answer if you can..?

How long would someone stay in jail if they were being charged with domestic violence and being charged with failure to appear at community control (there was a warrant for his arrest) and he had that because of domestic violence so the 2nd domestic violence charges were dropped…

I live in brevard county (in florida) is there anywhere I can find out how long….? or could anyone tell me?

Larry answers:

I would strongly encourage you to call the District Attorney’s office. They can let you know the status of the case, what charges are pending, and any court dates you might need to attend (if you are the victim or a witness).

You can also call the National Domestic Violence Helpline (1-800-799-SAFE) for information about the programs closest to you. The link below is to the Women’s Center, which serves Brevard County.

If you were assaulted, please know that you can never do anything that would justify someone hurting you. You deserve better. Your partner is the only one who can change his behavior. Please consider seeking help to be safe.

Joseph asks…

Petit Theft Charge FLORIDA please help!!!?

I got caught stealing two shirts from a Bealls in Florida (Brevard County). The cops wrote on the report that I was ROR and gave me a court date. This is my first offense and the shirts equaled 40 bucks. Im having to pay Bealls 200 for what Ive done, now Im sure there are court fees also but I’m going to try and talk to a lawyer before my court date. What I want to know is WILL I GO TO JAIL?????I know it was dumb and I’m paying for it now but what do y’all think the outcome is or usually is????If I cant pay for a lawyer what can I do and what should I expect to go on in the courtroom in less than three weeks. I cant stop freaking out thinking I might go to jail. PLEASE HELP I will give a best answer ASAP. can someone tell me what is probably going to happen since this is my first offense and it was under 100 dollars. please help me guys I’m bugging out. Everyone I have talked to told me I would get fined, or get probabtion, but no jail time but I cant help but to think the worst. I mean all that fining and probabtion and classes sucks but I’ll take anything over jail! Whats going to happen guys??Please help me

Larry answers:

For a first offense, jail time is not likely. You are looking at a fine, court costs, restitution (which you already know about) and probably 8-16 hours of community service. It’s possible your record can be cleared after successful completion of said service if your court offers it.

George asks…

Do you support Florida , Arizona-Style Immigration Laws ?

PORT CANAVERAL, Fla. –
Some leaders said they want Florida’s laws to be as tough as Arizona’s when it comes to immigration.

The issue came to light especially after the incident off the Florida coast this week.

On Thursday, the Coast Guard responded in Port Canaveral as a boatload of 17 Haitian Creole speakers 15 miles offshore tried to come to Florida, before running out of fuel and calling for help.

Despite their dire condition, the Coast Guard did not allow them to come ashore, which is the procedure for illegal immigrants, although the Coast Guard has not identified the group as such.

“We’re under attack here on the beaches, where, under the cover of darkness, thousands of foreigners come ashore illegally,” said Rep. Ritch Workman, of Brevard County.

Other lawmakers feel similarly, which is why an Arizona-style immigration bill could be in place in Florida before the end of the year.

The Coast Guard constantly patrols for illegal immigrants, but thousands get through, and an estimated 800,000 are living in Florida.

Workman said it’s time for Florida to crack down the way Arizona has.

“We shouldn’t have to pay $3 billion for illegal immigrants,” he said.

Police would have the right to check anyone they stop for their immigration status.

“If you can’t prove who you are, you’ll have to sort it out in jail,” Workman said.

Voter Robert DuPree said the measure sounds un-American.

“We should encourage immigration; it’s good for America,” he said.

Workman’s proposal has strong support, as well as strong opposition. He said if a special session is called this year, he believes the Legislature will pass it.

http://www.wpbf.com/news/24050205/detail.html

Larry answers:

Hell yea