All Forum Posts by: Ron S.

So...until that happens, yes, you are correct. You will be unable to obtain a new mortgage. You can't remove your name from the title. Yeah, you can quitclaim it to some stranger but, that isn't going to work in the eyes of a lender. Foreclosure, payoff or short sale is the only way it's going to happen.

Being absolved of the debt, has nothing to do with the liens. The ONLY time the liens will be impacted by a bankruptcy discharge is if the borrwoer stripped the liens in a chapter 11 or 13. That means they filed a motion for a hearing, had the hearing, presented sufficient evidence at the hearing for a judge to grant their motion and remove the lien (It's a little more complicated than just removing) AFTER the competion of the plan.

Otherwise, while there is no personal liability for the liens, the liens survive and if they are not paid, the lender can foreclose.

Can you do a short sale? Sure, if all lienholders agree to participate. You can't force them to participate.

The auctioneer will ask you how you want to hold title...right then and there, after the bidding is complete, on site.  Your investor doesn't need to be there. It's very common for a buyer to have a representitive on their behalf show up instead of them.

No...because you are a friend and an investor. Well, let me back up. You can provide moral and emotional support and even financial support if you choose but, you won't be able to involve yourself in the transaction as it would not be arms length (as a buyer/seller/agent getting a commission).

Most of the posters are correct. Get cashier's checks for the openning bid and then in increments of your choosing. I go down to a dollar when I prepare to bid. Anything over your winning bid amount will be sent back to you after it's all over so, it's not really a big deal if the winning bid is $501,000 and you give them cashier's checks totalling $505,000. $4,000 will be sent back as an overpayment.

Have all of your money ready prior to bidding. The auctioneer will "Qualify" your money. In other words, they will want to see your funds before you bid so, don't try the "I'll go to the bank and get it after the auction" route. That won't work here in Cali.

That doesn't work in California

Quite the contrary possibly...they don't need to prove a hardship so, as long as they meet the timeline required and bring in a bonafide purchase offer that meets the bank's minimum net proceeds, it could (stress) go faster and easier. No tax returns, hardship letter, income/expense declarations, etc. for the seller to submit and have reviewed.

Again...never said there was. Not sure what your objective is here with the banter but, It is happening at most court houses. In fact, every court house I've been to in the last 25 years it's still happening. Surprise. No one made any mention of weather its reliable or not. Its the same thing at the recorders office as it is at the courthouse. It's no more reliable or complete and its no more less reliable or complete. It's a foreclosure notice, plain and simple. If you want reliable and complete, get the notice from the recorder's office since that seems to be your favorite place and call the trustee's office for updates and confirmation of time and place for sale.

Your mistaken Sean. they ARE cried at courthouse steps. Again, not sure what your objective is in your efforts to invalidate my statements but, your wrong. I go to two or three sales per month in California. I am a bidder or the foreclosing entity on sales, cried at the courthouse steps probably a half dozen times per month so, you can opine all you want but you are factually incorrect. Do they have to be? No. Are they? Yes. Are they done auction style at non courthouse locales? yes. Now you try to further delineate that maybe at small counties they do but large counties they don't? I'd prefer to be done with this but if you want to try and rip this one apart as well, have at it.

you have 30 days to complete your financing in MA so, while yes, you can finance the purchase, your earnest money is gone if you can't complete it in time. A traditional lender will have a difficult time lending on a property that can't be reviewed and if you have an occupant (Former owner, tenant, etc.), getting access would be tricky at best.

I didn't say the courthouse is involved however, the notices of default are still posted at the courthouse and yes, posted at recorders office as well. Considering the sales are cried at the courthouse, it would make sense why they are posted there.