Lawyers/Professionals experienced in foreclosure home
Daniel SharmaPro Member
Investor · Member since 2024 · 21 posts · 7 votesLawyers/Professionals experienced in foreclosure home
Most Popular Reply
Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesQuote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
Daniel
Conveyance is by warranty deed. Deeds of trust are the most common security instruments.
Following the posting of foreclosure sales at the local courthouse for at least 21 days, the sales themselves take place at the courthouse on the first Tuesday of the month. Texas is a community property
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial
or non-judicial foreclosure process.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.
Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
33 Replies
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes1y
Quote from @Daniel Sharma:
Hi,
Looking to understand the foreclosure process. Any lawyers or professionals out there that can help?
Thanks,
DanielWhat do you not understand? Someone stops paying and there is a process outlined in the documents on the default.
7e investments53 Reviews - Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes1y
Fannie mae publishes a schedule of allowable attorney fees by state for foreclosure services. This will give you a ballpark on the cost of the attorney services only. This does not include all the other stuff that the attorney has to order/do on your behalf.
When I had similar questions, I found a reputable creditor's rights attorney in the area I operate in and paid for an hour of their time to get the baseline info I needed. That was the simplest solution, but not the cheapest.
- Investor · Member since 2024 · 21 posts · 7 votes1y
Quote from @Patrick Roberts:
Fannie mae publishes a schedule of allowable attorney fees by state for foreclosure services. This will give you a ballpark on the cost of the attorney services only. This does not include all the other stuff that the attorney has to order/do on your behalf.
When I had similar questions, I found a reputable creditor's rights attorney in the area I operate in and paid for an hour of their time to get the baseline info I needed. That was the simplest solution, but not the cheapest.
Thanks so much! I'll take a look at that
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
Which state?
- Investor · Member since 2024 · 21 posts · 7 votes1yTexas
Quote from @Jamie Bateman:
Which state?
- 1yPreston DeanBusiness MemberRealtor · Fort Worth, TX · Member since 2021 · 779 posts · 368 votes
I send out the Tarrant county and Dallas county foreclosure list. I can add you to my email list if you want?
United Real Estate DFW Properties 565 Reviews- Investor · Member since 2024 · 21 posts · 7 votes1yThat would be great! Please add me to the list!
Quote from @Preston Dean:
I send out the Tarrant county and Dallas county foreclosure list. I can add you to my email list if you want?
- Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes1yAre you foreclosing on a note? or getting foreclosed on?
Quote from @Daniel Sharma:
Hi,
If you own a note, is someone servicing the note for you?
Is the home still occupied?
Lots of variables...
If everthing is easy it can be pretty quick....maybe give the attorney a week, and then notice to the borrower at least 21 days before the 1st Tuesday of the month. If you are the lender you either buy the note back yourself or some other investor buys it for more than you are willing to pay.
Probably for 99.9% of investors not a DIY process. I'm pretty sure I've never seen an investor cry their own foreclosure sale, although that may not always be clear who is doing it. I expect most of the time it is the substitute trustee/attorney at the courthouse auction.
If you get the note back, then maybe another month to evict if that's what you want to do.
That you can probably DIY.
Plenty of attorneys around that will do this for you. I'd start with the one that wrote your note or prepared the deed of trust. If they won't do it, they'll recommend someone. If you still need names, I probably have 10 in Dallas county that will do it for you. I don't want to speak for their fees, but maybe on the cheap side $2500-$3500 are numbers I've seen a few years ago when I dealt with some banks doing them. They did have volume, and I expect most of these were pretty straight forward...no complications at that price. If the borrow declares bankruptcy for example, that probably drags it out another six months and you're going to draw down your retainer every month, which probably could run you at least double or more.- Investor · Member since 2024 · 21 posts · 7 votes1y
Quote from @Bruce Lynn:
Are you foreclosing on a note? or getting foreclosed on?Quote from @Daniel Sharma:
Hi,
If you own a note, is someone servicing the note for you?
Is the home still occupied?
Lots of variables...
If everthing is easy it can be pretty quick....maybe give the attorney a week, and then notice to the borrower at least 21 days before the 1st Tuesday of the month. If you are the lender you either buy the note back yourself or some other investor buys it for more than you are willing to pay.
Probably for 99.9% of investors not a DIY process. I'm pretty sure I've never seen an investor cry their own foreclosure sale, although that may not always be clear who is doing it. I expect most of the time it is the substitute trustee/attorney at the courthouse auction.
If you get the note back, then maybe another month to evict if that's what you want to do.
That you can probably DIY.
Plenty of attorneys around that will do this for you. I'd start with the one that wrote your note or prepared the deed of trust. If they won't do it, they'll recommend someone. If you still need names, I probably have 10 in Dallas county that will do it for you. I don't want to speak for their fees, but maybe on the cheap side $2500-$3500 are numbers I've seen a few years ago when I dealt with some banks doing them. They did have volume, and I expect most of these were pretty straight forward...no complications at that price. If the borrow declares bankruptcy for example, that probably drags it out another six months and you're going to draw down your retainer every month, which probably could run you at least double or more.Sorry in advance for the vague question and thank you for your response.
Basically, I was looking at auction.com and saw multiple foreclosure homes that one can bid on. I understand the website gives some details on the auction process, but being new to this, I wanted to get some insights on the following:
1.) If you win the auction, what are some hurdles one can face when obtaining the property?
2.) Any properties I should avoid bidding on? Personally, I like to avoid properties that require large repairs, but anything else you could think of?
3.) Any legal troubles/battles that could come with trying to acquire foreclosure homes?Being a newbie, I want to avoid getting into a disastrous situation, so I am trying to judge if I should consider looking at foreclosure homes on auction.com.
Thanks!
- 1yDon KonipolBusiness MemberInvestor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
Quote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
DanielConveyance is by warranty deed. Deeds of trust are the most common security instruments.
Following the posting of foreclosure sales at the local courthouse for at least 21 days, the sales themselves take place at the courthouse on the first Tuesday of the month. Texas is a community property
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial
or non-judicial foreclosure process.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.
Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y
Quote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
DanielYour question is too vague. Do you want to bid at auction, avoid foreclosure, buy pre-foreclosures, foreclose on a deed. Deed of Trust or Mortgage, just want general knowledge?
Notice of, postings, timeline, reinstatement, bankruptcy, arrears, priorities, taxes, S.A.F.E. Act, Consumer Protection Act, VA loan, FHA loan, Jumbo, Strategies to buy, Strategies to delay, redemption period, costs, allowable reasons, legal defenses against, who can conduct a sale, subordinate liens, occupancy, lease agreements, evictions, inspections, profitability, financing, etc.? They all play a role, depending on the situation.
It's akin to saying "Speak to me of nuts and bolts". I know you are new to this but more information is needed.
The big question is: "What is it that you want to do"?
- Investor · Member since 2024 · 21 posts · 7 votes1y
Quote from @Ken M.:
Quote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
DanielYour question is too vague. Do you want to bid at auction, avoid foreclosure, buy pre-foreclosures, foreclose on a deed. Deed of Trust or Mortgage, just want general knowledge?
Notice of, postings, timeline, reinstatement, bankruptcy, arrears, priorities, taxes, S.A.F.E. Act, Consumer Protection Act, VA loan, FHA loan, Jumbo, Strategies to buy, Strategies to delay, redemption period, costs, allowable reasons, legal defenses against, who can conduct a sale, subordinate liens, occupancy, lease agreements, evictions, inspections, profitability, financing, etc.? They all play a role, depending on the situation.
It's akin to saying "Speak to me of nuts and bolts". I know you are new to this but more information is needed.
The big question is: "What is it that you want to do"?
Sorry in advance for the vague question and thank you for your response.
Basically, I was looking at auction.com and saw multiple foreclosure homes that one can bid on. I understand the website gives some details on the auction process, but being new to this, I wanted to get some insights on the following:
1.) If you win the auction, what are some hurdles one can face when obtaining the property?
2.) Any properties I should avoid bidding on? Personally, I like to avoid properties that require large repairs, but anything else you could think of?
3.) Any legal troubles/battles that could come with trying to acquire foreclosure homes?Being a newbie, I want to avoid getting into a disastrous situation, so I am trying to judge if I should consider looking at foreclosure homes on auction.com.
Thanks!
- Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes1y
1. Condition of the property....typically you don't get to see inside before you bid. 100% you should at least drive the property AND see it in person at least from the outside. Don't depend on google maps and sat view for confirmation. SEE it in person. Can't tell you how often google is just wrong.
Could be occupied and you have to evict or sign a new lease. You could potentially be stuck with an 11 month lease you have to honor at way below market rates.
Outstanding taxes and other liens....not everything gets wiped out at a foreclosure sale.
Plenty of other legal issues depending on what state you buy.....EPA issues go with the property not the owner. So buy a house where someone ran an oil change business in the backyard, you get to pay to clean that up. Methlab inside...same thing.
Make sure you know your lien priorities and what is getting foreclosed on. I see them sell pool liens for example with home mortgage still in place. So you still have to pay that, and they could be foreclosing next month, and when they do, you get wiped out.
Not sure how often someone sues, but it is possible I'm sure. If they had no money to pay the mortgage, might be tough getting attorney to take their case, but maybe they tie you up for a year doing it themselves.
If you can't see inside, you just have no idea what repairs need to be done. I will say budget heavy. Pretty rare in my experience that you find a nice clean ready to rent home. I used to say I've been in over 10,000 foreclosures. Probably a lot more by now and I think I've seen 3-4 that were move in ready nice homes. Most of the time they didn't pay the mortgage and they did not take care of the home either....so often will need HVAC, floors, paint, maybe more....these days roofs, maybe foundation. So rare it is a light rehab.
I usually tell bidders....get the list....pick 10. Go see them. Figure out your max bid. Go to the auction and see what others are paying. Would you have won? Wait a month or two and see what happens to the houses. Do GCs show up to work on the house, does it get put up for rent or sale. If GCs are there, go inside and ask them what work was needed and the budget. Then you can do your math. Do this at least 3x. You'll meet a lot of GCs that you need. You'll learn the rehab budgets. You may learn rent numbers. You'll meet other investors that buy at auction. You will be much better knowing your numbers. Then if everything is working, go bid at Auction #4.
Don't ever click click click only online....it might work, but you could lose a ton of money this way.- Investor · Member since 2024 · 21 posts · 7 votes1y
Quote from @Bruce Lynn:
1. Condition of the property....typically you don't get to see inside before you bid. 100% you should at least drive the property AND see it in person at least from the outside. Don't depend on google maps and sat view for confirmation. SEE it in person. Can't tell you how often google is just wrong.
Could be occupied and you have to evict or sign a new lease. You could potentially be stuck with an 11 month lease you have to honor at way below market rates.
Outstanding taxes and other liens....not everything gets wiped out at a foreclosure sale.
Plenty of other legal issues depending on what state you buy.....EPA issues go with the property not the owner. So buy a house where someone ran an oil change business in the backyard, you get to pay to clean that up. Methlab inside...same thing.
Make sure you know your lien priorities and what is getting foreclosed on. I see them sell pool liens for example with home mortgage still in place. So you still have to pay that, and they could be foreclosing next month, and when they do, you get wiped out.
Not sure how often someone sues, but it is possible I'm sure. If they had no money to pay the mortgage, might be tough getting attorney to take their case, but maybe they tie you up for a year doing it themselves.
If you can't see inside, you just have no idea what repairs need to be done. I will say budget heavy. Pretty rare in my experience that you find a nice clean ready to rent home. I used to say I've been in over 10,000 foreclosures. Probably a lot more by now and I think I've seen 3-4 that were move in ready nice homes. Most of the time they didn't pay the mortgage and they did not take care of the home either....so often will need HVAC, floors, paint, maybe more....these days roofs, maybe foundation. So rare it is a light rehab.
I usually tell bidders....get the list....pick 10. Go see them. Figure out your max bid. Go to the auction and see what others are paying. Would you have won? Wait a month or two and see what happens to the houses. Do GCs show up to work on the house, does it get put up for rent or sale. If GCs are there, go inside and ask them what work was needed and the budget. Then you can do your math. Do this at least 3x. You'll meet a lot of GCs that you need. You'll learn the rehab budgets. You may learn rent numbers. You'll meet other investors that buy at auction. You will be much better knowing your numbers. Then if everything is working, go bid at Auction #4.
Don't ever click click click only online....it might work, but you could lose a ton of money this way.Those are some great insights, thank you!
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y
Quote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
DanielNo worries, how would you know what to ask on such a difficult subject? That's why God invented questions. ;-)
Foreclosure is a very complex process involving lots of laws and procedures. Every state has different laws. The answers already given appear to concentrate on Texas. However, online auctions can be in any state or territory.For the basics, I refer you to https://www.nolo.com/legal-encyclopedia/foreclosure They used to break it down by state, but I didn't see that list when I visited their site this time. I assume that keeping it properly updated by state was a difficult task.
I started by focusing on one foreclosure from start to finish before I actually bought one. There are a LOT if twists and turns available to the lender & borrower through the process. It's a dance.
What generally isn't mentioned:
1. Few houses are currently in foreclosure
2. Most houses don't actually go to sale, they get postponed or reinstated or paid off. Or they go into bankruptcy which generally stops the foreclosure, but not always. If someone files a bankruptcy moments before the sale, the sale gets unwound and the house is protected, . . . usually. You get your bid money back, but, your winning bid is reversed.
3. Bidders generally way overbid
4. People in foreclosure don't maintain their house and there is a lot of deferred maintenance.
5. Foreclosed people are generally angry people and yes, I've had guns and knives pulled on me.
6. It's never the borrower's fault he didn't pay the mortgage, it's always the bank's fault (in the borrower's eyes)
7. Banks do make mistakes and sometimes you can use that procedurally, to your advantage.
8. You need to be well funded or you have to really, really, really know what you are doing to play with alligators and foreclosures.
- Investor · Member since 2024 · 21 posts · 7 votes1y
Quote from @Ken M.:
Quote from @Daniel Sharma:
Hi,
Looking to understand the legal process for foreclosures (paper work, dos and don'ts, legal costs, how much time it takes, etc). Any lawyers or professionals out there that can help? Happy to pay a lawyer for consultation also.
Thanks,
DanielNo worries, how would you know what to ask on such a difficult subject? That's why God invented questions. ;-)
Foreclosure is a very complex process involving lots of laws and procedures. Every state has different laws. The answers already given appear to concentrate on Texas. However, online auctions can be in any state or territory.For the basics, I refer you to https://www.nolo.com/legal-encyclopedia/foreclosure They used to break it down by state, but I didn't see that list when I visited their site this time. I assume that keeping it properly updated by state was a difficult task.
I started by focusing on one foreclosure from start to finish before I actually bought one. There are a LOT if twists and turns available to the lender & borrower through the process. It's a dance.
What generally isn't mentioned:
1. Few houses are currently in foreclosure
2. Most houses don't actually go to sale, they get postponed or reinstated or paid off. Or they go into bankruptcy which generally stops the foreclosure, but not always. If someone files a bankruptcy moments before the sale, the sale gets unwound and the house is protected, . . . usually. You get your bid money back, but, your winning bid is reversed.
3. Bidders generally way overbid
4. People in foreclosure don't maintain their house and there is a lot of deferred maintenance.
5. Foreclosed people are generally angry people and yes, I've had guns and knives pulled on me.
6. It's never the borrower's fault he didn't pay the mortgage, it's always the bank's fault (in the borrower's eyes)
7. Banks do make mistakes and sometimes you can use that procedurally, to your advantage.
8. You need to be well funded or you have to really, really, really know what you are doing to play with alligators and foreclosures.
Wow, I did not know about all that. I will keep those in mind! Thank you for the insights!
- 1yDiana KhanPro MemberAttorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 479 posts · 175 votes
Daniel great question and it’s smart to get clarity before diving in The foreclosure process varies by state so the first step is confirming local law For example in Maryland foreclosures are judicial which means they must go through the courts The lender files an Order to Docket which starts the process timelines often run 6–12 months or longer depending on court backlog During that time certain notices must be sent to the borrower and strict paperwork requirements apply Legal costs can include filing fees service fees trustee fees and attorney’s fees often several thousand dollars Since mistakes can delay or invalidate a foreclosure it’s always best to work with an attorney who handles real estate foreclosures regularly A short paid consultation can save you time and money by making sure the process is done right
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes1y
if anyone ever needs an attorney for their notes, let me know we have a rolodex of attorneys we use in any state and happy to provide referrals. We have done business in over 40 states so we have boots on the ground in pretty much every state.
7e investments53 Reviews - Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes1yDid you ever find the right attorney? If you liked them can you recommend them here?
Quote from @Daniel Sharma:
Hi,
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1yInteresting. Does your packet include new Federal laws governing foreclosures ?
Quote from @Jamie Bateman:
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
Quote from @Ken M.:
Interesting. Does your packet include new Federal laws governing foreclosures ?Quote from @Jamie Bateman:
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
Are you referring to VA loans? What new laws are you referring to?
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y
Quote from @Jamie Bateman:
Quote from @Ken M.:
Interesting. Does your packet include new Federal laws governing foreclosures ?Quote from @Jamie Bateman:
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
Are you referring to VA loans? What new laws are you referring to?
.
I wasn't certain at what stage you are referring. My understanding is that ALL loans are now required to have a conference with the lender to see if a Loan Modification will work.
But, here is the difference: if you're talking about buying at auction, that is clearly defined and has a straight path. That may be what you are meaning. No worries there.
However, if you are talking about buying a house that is in pre-foreclosure, before the sale, (which is what I teach my partners to do) , the items I mention below come into play.
2008 saw a whole new approach to regulating foreclosure law at both the state and at the Federal level. Each state of course has their own set of laws and regulations as you rightly noted. There are also Federal regulations. There have been yearly updates. You probably are on top of all of them, but in case you've missed one:
Equity skimming, Bank fraud, Wire Fraud, Protected Groups, Artifice to Defraud, Authorized Foreclosure Consultants, Disclosures, Vulnerable Adults, and of course the obvious categories like Oral Promises, Mutuality of Obligation, Forgery, Seller Unable to Cancel, Disclosures, etcHere is one lawsuit that covers what I mean:
The full lawsuit is a link at the bottom left of the announcement if this link expires
https://www.azag.gov/sites/default/files/2025-06/CV2025-0084...
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
Quote from @Ken M.:
Quote from @Jamie Bateman:
Quote from @Ken M.:
Interesting. Does your packet include new Federal laws governing foreclosures ?Quote from @Jamie Bateman:
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
Are you referring to VA loans? What new laws are you referring to?
.
I wasn't certain at what stage you are referring. My understanding is that ALL loans are now required to have a conference with the lender to see if a Loan Modification will work.
But, here is the difference: if you're talking about buying at auction, that is clearly defined and has a straight path. That may be what you are meaning. No worries there.
However, if you are talking about buying a house that is in pre-foreclosure, before the sale, (which is what I teach my partners to do) , the items I mention below come into play.
2008 saw a whole new approach to regulating foreclosure law at both the state and at the Federal level. Each state of course has their own set of laws and regulations as you rightly noted. There are also Federal regulations. There have been yearly updates. You probably are on top of all of them, but in case you've missed one:
Equity skimming, Bank fraud, Wire Fraud, Protected Groups, Artifice to Defraud, Authorized Foreclosure Consultants, Disclosures, Vulnerable Adults, and of course the obvious categories like Oral Promises, Mutuality of Obligation, Forgery, Seller Unable to Cancel, Disclosures, etcHere is one lawsuit that covers what I mean:
The full lawsuit is a link at the bottom left of the announcement if this link expires
https://www.azag.gov/sites/default/files/2025-06/CV2025-0084...
@Ken M. I am not seeing anything about new federal laws. Am I missing something?
And no, I am not talking about buying a property at auction. We purchase non-performing mortgage notes in many different states. I was referring to the cost and timeline to foreclose across the country.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1ySure
Quote from @Jamie Bateman:
Quote from @Ken M.:
Quote from @Jamie Bateman:
Quote from @Ken M.:
Interesting. Does your packet include new Federal laws governing foreclosures ?Quote from @Jamie Bateman:
We have a free foreclosure reference pack we just put together. It has each state broken down with the average cost to foreclose and the average time to foreclose. Lots of detail for each state, too (not every state is truly judicial or non-judicial). The whole PDF is 28 pages. Reach out of interested.
Are you referring to VA loans? What new laws are you referring to?
.
I wasn't certain at what stage you are referring. My understanding is that ALL loans are now required to have a conference with the lender to see if a Loan Modification will work.
But, here is the difference: if you're talking about buying at auction, that is clearly defined and has a straight path. That may be what you are meaning. No worries there.
However, if you are talking about buying a house that is in pre-foreclosure, before the sale, (which is what I teach my partners to do) , the items I mention below come into play.
2008 saw a whole new approach to regulating foreclosure law at both the state and at the Federal level. Each state of course has their own set of laws and regulations as you rightly noted. There are also Federal regulations. There have been yearly updates. You probably are on top of all of them, but in case you've missed one:
Equity skimming, Bank fraud, Wire Fraud, Protected Groups, Artifice to Defraud, Authorized Foreclosure Consultants, Disclosures, Vulnerable Adults, and of course the obvious categories like Oral Promises, Mutuality of Obligation, Forgery, Seller Unable to Cancel, Disclosures, etcHere is one lawsuit that covers what I mean:
The full lawsuit is a link at the bottom left of the announcement if this link expires
https://www.azag.gov/sites/default/files/2025-06/CV2025-0084...
@Ken M. I am not seeing anything about new federal laws. Am I missing something?
And no, I am not talking about buying a property at auction. We purchase non-performing mortgage notes in many different states. I was referring to the cost and timeline to foreclose across the country.
Federal Laws That Protect Homeowners During ForeclosureWhat federal rules and regulations cover foreclosure? Find out here.
By Amy Loftsgordon, Attorney University of Denver Sturm College of LawUpdated 2/25/2025
https://www.nolo.com/legal-encyclopedia/new-federal-rules-pr...
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
@Ken M. I would not consider 2014 recent. This is from the NOLO article you linked to:
"These rules and regulations governing mortgage servicing went into effect in 2014."- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1yI started in 1995 :-) Anything newer than 2008 is new
Quote from @Jamie Bateman:
@Ken M. I would not consider 2014 recent. This is from the NOLO article you linked to:
"These rules and regulations governing mortgage servicing went into effect in 2014."
- Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
Ha! I guess it's all relative. @Ken M.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y.
Quote from @Jamie Bateman:
Ha! I guess it's all relative. @Ken M.
What I'm sensitive about is that I buy my foreclosure properties using creative financing, which is a little complicated and there are some overlapping laws that are being enforced in a couple of jurisdictions. It's my suggestion that anyone buying using creative financing needs to really know their stuff.
Using cash to buy foreclosures has never been a problem.
In a couple of places, like Washington State, you can go to jail for soliciting a property facing foreclosure, unless you are an attorney, a lender or a certified foreclosure counselor and you can't offer to buy the property even then. It has to be an "arms length" "legitimate" offer.
California and Oregon have similar statutes.
Foreclosure is an interesting mix of local, federal, banking, bankruptcy, and non-judicial/judicial laws. - 1yDon KonipolBusiness MemberInvestor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesFortunately, all the misguided, politically motivated, unintended consequential, boneheaded, “protection” laws I know of (whether state or Federal) are applicable to homeowner residential only. A few exceptions may be applicable to non homeowner residential also. When the politicos are satisfied that they have done all the damage they can to the residential home ownership market and decide to move on to the commercial market, it will be time for me to make my exit.
Quote from @Ken M.:
.Quote from @Jamie Bateman:
Ha! I guess it's all relative. @Ken M.
What I'm sensitive about is that I buy my foreclosure properties using creative financing, which is a little complicated and there are some overlapping laws that are being enforced in a couple of jurisdictions. It's my suggestion that anyone buying using creative financing needs to really know their stuff.
Using cash to buy foreclosures has never been a problem.
In a couple of places, like Washington State, you can go to jail for soliciting a property facing foreclosure, unless you are an attorney, a lender or a certified foreclosure counselor and you can't offer to buy the property even then. It has to be an "arms length" "legitimate" offer.
California and Oregon have similar statutes.
Foreclosure is an interesting mix of local, federal, banking, bankruptcy, and non-judicial/judicial laws. - Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes1y
Quote from @Ken M.:
.Quote from @Jamie Bateman:
Ha! I guess it's all relative. @Ken M.
What I'm sensitive about is that I buy my foreclosure properties using creative financing, which is a little complicated and there are some overlapping laws that are being enforced in a couple of jurisdictions. It's my suggestion that anyone buying using creative financing needs to really know their stuff.
Using cash to buy foreclosures has never been a problem.
In a couple of places, like Washington State, you can go to jail for soliciting a property facing foreclosure, unless you are an attorney, a lender or a certified foreclosure counselor and you can't offer to buy the property even then. It has to be an "arms length" "legitimate" offer.
California and Oregon have similar statutes.
Foreclosure is an interesting mix of local, federal, banking, bankruptcy, and non-judicial/judicial laws.@Ken M. We don't buy properties. I was referring to foreclosing as the note holder, not buying properties. And we always use a law firm licensed in that particualar state.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1yOh, I guess I should have known that. Lol
Quote from @Jamie Bateman:
Quote from @Ken M.:
.Quote from @Jamie Bateman:
Ha! I guess it's all relative. @Ken M.
What I'm sensitive about is that I buy my foreclosure properties using creative financing, which is a little complicated and there are some overlapping laws that are being enforced in a couple of jurisdictions. It's my suggestion that anyone buying using creative financing needs to really know their stuff.
Using cash to buy foreclosures has never been a problem.
In a couple of places, like Washington State, you can go to jail for soliciting a property facing foreclosure, unless you are an attorney, a lender or a certified foreclosure counselor and you can't offer to buy the property even then. It has to be an "arms length" "legitimate" offer.
California and Oregon have similar statutes.
Foreclosure is an interesting mix of local, federal, banking, bankruptcy, and non-judicial/judicial laws.@Ken M. We don't buy properties. I was referring to foreclosing as the note holder, not buying properties. And we always use a law firm licensed in that particualar state.
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