All Forum Posts by: Ron S.

How's that gonna work? Don't tell the lender? Good luck with pulling that one off. Are they going to accelerate the note for the transfer? Probably not once they find out you are a principle in the LLC but thinking you can do it without the lender knowing is foolish. We (Banks) employ vendors for this very purpose and catch it every time.

you don't get access to any of the homes. What should you expect? Expect to bring your certified funds equal to the amount needed to cover your bid if you are the winning bidder. Can you get a loan? No, you have to be a cash buyer. You incurr no expenses beyond the purchase of the property and possible post eviction costs if its occupied.

Best to attend a couple first as an observer so you get the lay of the land but, it's the SAME with every property, not different.

The best way? go to your local courthouse or to the courthouse in any area you are interested in and obtain the notices of default, for free.

What nitch would that be? Buying preforeclosure is like trying to jump on a train pulling out of the station, picking up steam, going around a corner, where there is a cliff up ahead. Time it perfectly and you MIGHT get a ride. Slip up at all, anywhere at any time in the transaction and you get run over.

You are dealing with two entities in a pre foreclosure, with only one entity that you can talk with (Seller) and that entity really has no say so in the transaction. Sure, you can get "3rd party authorization" to talk with the bank. Who cares? The bank isn't interested in what you have to say so, you get your agent to talk with them. Bank isn't concerned with what they have to say. make a purchase offer, get the offer accepted, submit it to the bank and wait. Pretty simple if you ask me.

Eeasy way to "Legally" get the house back, buy it. I don't understand the need for an attorney or even talking to the previous lender. Go find an agent and buy it. It's for sale as you stated. There isn't any pot of gold or any tricks for you to get your house back other than, buy the thing for what you think it's worth and for what the bank is willing to sell it for.

No, the bank isn't going to cut you a deal and i'd seriously doubt they would lend you the money to buy back the house they foreclosed on. You've already demonstrated to them your willingness (Lack) to pay. All of the other stuff about scam tennants and foreclosure redeemed stuff is irrelevant minutia that doesn't have anything to do with anything. If you qualify from a lender's persepective, make a purchase offer and get a loan and buy it, otherwise in my opinion, your wasting your time.

On a side note to your "Real Question", Florida is not a "redemption" state so don't try that path. A foreclosure redeemed designation is typically a loan that went into foreclosure and the foreclosure was cured (reinstated or paid off). 99% chance the person in the loan center where your loan was being serviced coded the status wrong after the foreclosure. It means nothing other than you have a dispute to the bureaus on your hand however, I might leave well enough alone because it would appear on the surface that their mistake artificially improved your credit profile. If they fix it, I would wager your credit would go down where it belongs for the time being. That said, none of the credit reporting issues have anything to do with you buying your old house back from the bank through any loophole or legal wrangling.

I wouldn't spend 10 minutes let alone 15 years of continuous, open and hostile occupancy to qualify to VA's adverse possession statutes. Oh, and let's not forget that squatting on a property for 15 years doesn't get rid of the lien.

No argument with your link Steve. That is for recording fees though. My argument was the foreclosure sale legality claim. I'm right there with the state that they should pay the recording fees although...i think there is a bigger argument. Fannie and Freddie are governmental entities now so, they have some exemptions. While yes, Fannie and Freddie are not governmental entities by charter, they are in receivership and controlled by U.S. Treasury so...who knows. I think this one will be appealed.

Stay in the house until you get notice of the sale. Attend the sale and pay cash for it. There isn't any other way it's going to happen. That 84 year old uncle is a perfect example of why it isn't going to happen any other way.

No lender is going to risk working with anyone that isn't a party to the loan, especially if the obligor died intestate. As unfortunate as that may sound to you, I would hope that you would appreciate that they would afford you that same courtesy. Who knows what heir may be out there.

Not a chance in Texas that could happen...

No argument...MANY did. Many consumers, states AG, consumer watch dog groups. Many many people did but as the structure and concept of MERS became known, the lawsuits dried up and those that remained, primarily ruled in favor of MERS.