Archive for House
Can I Sell My House To My Mom For Half Of What I Owe On It?
Posted by: | CommentsI owe $432,000 on my house. A couple of the houses in my neighborhood sold for half of what was owed on them mainly because owners had lost their jobs and wanted to avoid foreclosure. I’m going through the same but I want to stay in my house. Can my mom buy it from me for half of what I owe on it that way I can still stay in the home and pay her the rent?
My family and I moved into this house in May, it was supposed to be an “assignment of title” for us to buy. This “management” company said we can move in, pay $2000 in monthly payments to get the deed in our name, and we would then take over the mortgage. We’ve been making payments each month (into a bank account) that was supposed to cover the mortgage, homeowners insurance, and $80 each month towards the assignment of title fee. We did get receipts.
Well, we’ve been having problems communicating with them since August and just a couple of days ago got a letter in the mail from a lawyer which informed us the house is going into foreclosure in less then two weeks and with 4 small children we are under extreme stress right now. We’ve been trying unsuccessfully for months to contact the person whose name is still on the house with no luck, but managed to find him by locating a relative. We were able to meet up yesterday.Comparing notes with him, we found out that both us and the owner have been giving this “management” company money but they have never made a single payment to the mortgage company!
Both us and the owner want to file a lawsuit against this company, but in the meantime we have no place to go and no money saved up to pay 1st months rent and deposit to move somewhere else. Could there be a way to avoid foreclosure and get the mortgage in our name? Would it be possible for the owner of the house to file an injunction to stop foreclosure, and if so how can we do that?
Selling Your House Question/foreclosure?
Posted by: | CommentsCurrently my boyfriends house is for sale and has been for nearly a year. He really wants/need to sell it so he was thinking of taking the price down to around $100,000 or a little under. It is currently listed at 137 something I believe. Say someone buys it, where does that money go from the sale, him or the bank or what? This is to avoid foreclosure so he was thinking that if he sells it way under what it’s worth if the money from the sale could be used to still pay the monthly payments off the loan all the while trying to not get foreclosed on. Sorry if that was confusing but I really couldnt find the right wording. Thanks to anyone who responds
Is There An Incentive To Allow Your House To Foreclose?
Posted by: | CommentsI’m looking into buying a foreclosed house or possibly talk with a homeowner in the LA area who has a Notice of Default to take over the title and help them avoid Foreclosure. (Plus this is the only way it seems I can afford a place.) Does anyone know if there is incentive for someone to let their house foreclose? If not, why not make offers way below market value to NOD homes? I’m just trying to understand how the market works. Also, can you make offers on Foreclosed homes that would be considered by banks, or do they usually deal with specific REO banks and auction companies? Thanks.
Sure. I assume that the foreclosure sale hasn’t taken place yet. The first way to avoid a foreclosure is to talk to the bank. Most banks don’t want to foreclose, and will negotiate a forbearance or a new payment schedule if it is halfway reasonable and if they think you are willing and able to perform. Call the bank and offer to negotiate. Second, some states (e.g., California) have rules that allow you to cancel the foreclosure sale and reinstate the loan if you cure the default and pay the lender’s expenses at some time prior to the scheduled foreclosure sale. You did not say where you live, so I don’t know whether you live in a jurisdiction that has reinstatement rules. Call a lawyer on this one. Third, all states will cancel the foreclosure sale if you pay off the loan before the sale. This option is often unavailable, since you would not have defaulted if you had that kind of credit. I strongly recommend option #1.