All Forum Posts by: Ron S.

A "Foreclosed" property is the same as any other open market transaction. The only distinctive difference is that instead of a consumer as the seller, you have a bank (investor) as the seller. Any agent will do. There is no specialist for a REO property.

Your bullet point, "8" stated "pre-foreclosure", so, do you mean pre-foreclosure or do you mean foreclosed? You have two different situations here and they are vastly different.

If instead you mean preforeclosure, contact the owner. That's the way it works. Sit down, strap in, have a cocktail and relax because it's going to be a long ride if you are going to delve into the preforeclosure world.

Do you have an actual question here?

Depends on what information you are wanting from them. They aren't going to give you any information that isn't information given to them by the lender they are the trustee for (I'm assuming this is in relation to a foreclosure where its done by trustee?). You aren't going to get junior lien information, balance information, other lien information (Even though they may know it) because you didn't pay for that information that the lender paid the trustee to obtain and, you aren't the trustee's client.

They are paper pushers. Nothing more. I'm not trying to discount their impact in the foreclosure process (Again, assuming that's the situation here) but, you are not a party to the action and as a result, aren't privy to any information not made public.

If it goes to sale, it might not go REO. It could go 3rd party so, let's clear that up.

Any lien junior to the foreclosing entity gets wiped out (With few specific exceptions)

You might be tempted to start paying them but, you risk acceleration of the note from the bank by doing so. You could get all fancy and stuff with the wrap-arounds and the subject to's and all of these other clever tricks to hide that you are taking over the home but contrary to popular belief, lenders aren't stupid, and i've seen too many accelerations for transfer without written lender approval to do so, to think otherwise.

A foreclosure can be postponed for any and no reason (Some states require a postponed foreclosure action to start over). Postponment for loan modification is a Federal requirement now. There can be state parameters but the rule is that whichever is more strict prevails. In other words, on a Federal level, a borrower can request a loan modification any time up until about 30 days from sale (If it's within 30 days, there is no requirement for the lender to consider them for a loan mod, unless they do so as a typical process/procedure). If they request a loan modification, the lender is prohibited on a federal level from continuing, proceeding or starting any action of foreclosure during the review period of the modification request. If denied a modification, lender is required to say why denied and in some cases, the borrower has an appeal right but this process usually doesn't exceed 14 days after the denial. Once that is done, the borrower can request a loan mod as many times as they want but there is no requirement for the lender to stall the foreclosure or consider them for a loan mod. That's on a federal level. If there is a state requirement that says a lender has to consider (I'm not aware of any state requirements that are stricter) they would have to consider.

There is no such rule that an auction can't be scheduled for a year from the date the foreclosure started. In fact, in California, after the NOD is filed, the sale can be held in as little as 111 days (90 days plus sale publish for 21 days). Let's not forget the Federal requirement is that you can't file the NOD until after the 120th day of delinquency (So, add 120 days to the 111 days and you have 231 days minimum to foreclose in California).

It's funny...we used to complain that foreclosures happenned too fast, and now we complain that they take too long.

Why would you think the Bank is going to do anything? They can't sell you a house they don't own, and can't talk to you about a house That's a waste of time and brain cells in my opinion, trying to talk to the bank.

- While the occupants may allow you to talk to the bank (Assuming they still own it), the bank isn't going to talk to you. That's a waste of a phone call.

- If the occupants are the former owners, knock on the door the day you own it and hand them a 3 day notice to vacate and if they don't, start the eviction proceedings. They have no tenant protections. If you want to offer keys for cash, that's your choice.

- if the occupants are legitimate renters (Not former owners or family of former owners) with a legitimate lease, as long as they pay, you have to afford them all the rights in their lease.

How much does it cost to evict? Depends. How long will it take? Depends. Can you do it yourself? Yes. Why would you want to?

@ Wayne - You got me pegged. Yes...itching to cut the internet cable early to take the Harley over to the Coast for the weekend!

Buy low sell high?

@Christian - That's the beauty of these boards and those like it, we can disagree, and still have fun.