Jess asked:


I just tried to do a short sale but my 2nd mortgage lender wouldn’t accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged.

If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism?

Could I be liable for damage to the neighbors property from the water seaping into their walls?

Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss?
No insurance, not investment property, the property has been secured. The flooding was due to the vandalism, someone went into the property, plugged up all sinks and turned on the water. It was apparently on for days. I just found out since I live somewhere else now. A police report was filed but it was by the HOA, I have to order a copy in the mail. I know the water has been turned off but the place has been soaked for days. The upstairs soaked the floors so much that caused damage to the downstairs ceiling. It is just awful, so I hear.

I think finding a real estate attorney is a good idea, I will likely oblige. I have a bankruptcy attorney in the family that has been trying to help me (a little) but I should probably find someone that specializes in real estate.
The 2nd mortgage is for $85k, and I have $0. No choice but to foreclose if they refused to take the short sale offer.

Adalberto

misty asked:


I am trying to find free foreclosure listing in the state of Texas (San Antonio) where I can have access to all the information, including photos. Can anyone help me???

Reva
chuchu asked:


I got Chapter-7 Bankruptcy discharge; moved out of the property and rented another apartment, key was replaced, Substitute trustee was assigned, and I had no access at all to the Condo. It took more than a year for foreclosure sale. The Condo management sued me to pay all fee for more than a year claiming that unless the condo is sold, i remain the owner even though i have no access and control.

Frederic
grebcrystal asked:


Ok I know of a person who has had there house up for foreclosure three with in a year now.Well the next sale is on for Jan. 2nd. I am curious to see how many times it can go up. The property is in Wisconsin and I am going to do some searches on laws. But when we got ready to go to the sale at the last minute the foreclosure was canceled. So how do they keep saving themselves?

Daysi
muir asked:


Interested in buying a house close to Toronto and I have been told you can get some excellent deals on foreclosure auctions. Any links to web sites or more info on this would be a great help. I live overseas, so I have to use the internet for now for searching for a house. Thanks in advance.

Judi
marlarules asked:


We are in a position to approve a short sale on our house. we have to chose between a short sale and a foreclosure. What are the individual ramifications for each on our credit? If we take the short sale, are we going to be taxed on the difference in price between our purchase price and our selling price?

Francisco
Wonder Woman asked:


I know someone who like many americans is out of work and behind on their mortgage. They got a notice from Wachovia that they are starting the proceedings for foreclosure. If they don’t get a job and make money they will be forced to live with relatives however how long do they have? Some say a year or two. I thought it was only a matter of months before the bank sends the sheriff to kick you out.

Carlo
raidencmc asked:


I am looking into buying a home that is close to or going into foreclosure. “The bank will entertain a short sale.” Is there a way to find out how much is owed on the house so I can make a make an educated offer.

Raquel
Queline asked:


There are a list of houses for me to look at and buy, but what is the difference b/w a house that has gone into foreclosure vs. bankruptcy?
Which would be more of a hassel? Which would take more time and money to deal with if there is a difference?

Corrinne
Just me asked:


Husband and I own two homes, we rent one out. We have a lot of problems with renting. We’re trying to keep 2nd home but depend on renters to cover mortgage. Home is not in foreclosure but if we have to let rental go, when will the bank place sign? Will current renters know about foreclosure BEFORE sign is up? It is a month to month agreement.

Emilie

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