Comments for Foreclosure Definition and Terms http://www.foreclosures-definitions.com Fri, 30 Jul 2010 00:32:16 +0000 http://wordpress.org/?v=2.5.1 Comment on Fighting Foreclosure by Becky http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-877 Becky Tue, 18 May 2010 11:32:59 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-877 'Produce the Note' is a stall tatic. If you're going to use it, are you using it because you're going to attempt to resolve the delinquency by bringing it current or getting on a work out? Are you doing it to get an extra amount of time on the property without having to pay the bill? If you're just delaying the foreclosure, you're just delaying the start of the recovery process to your credit. Remember that when the foreclosure process starts over you're going to get served, the sale will be published, the notice will be placed on the house, your credit will show foreclosure status for the duration of the delinquency until the auction and charge off take place and remain there for 10 years. You will still get a 1099 the year after the foreclosure takes place have to claim the banks loss as your income and then pay taxes on it (i.e. the FC happens in 09, in Jan 2010 you'll have to pay taxes, if you stall it until 2010 in 2011 you'll have to pay taxes, etc). The bank and the government isn't going to give you the house for free and honestly, like any punishment, isn't it best to just get it over with so that you can start over? The other thing - Produce the Note is primarily for Sub-Prime notes because of them being bundled and sold repeatedly. Prime mortgages and Bank Owned Properties - the note, if you request it, will be produced immediately. The delay tactic will give you less than a day.<br><b>References : </b><br>Loss Mitigation Supervisor ‘Produce the Note’ is a stall tatic. If you’re going to use it, are you using it because you’re going to attempt to resolve the delinquency by bringing it current or getting on a work out? Are you doing it to get an extra amount of time on the property without having to pay the bill? If you’re just delaying the foreclosure, you’re just delaying the start of the recovery process to your credit. Remember that when the foreclosure process starts over you’re going to get served, the sale will be published, the notice will be placed on the house, your credit will show foreclosure status for the duration of the delinquency until the auction and charge off take place and remain there for 10 years. You will still get a 1099 the year after the foreclosure takes place have to claim the banks loss as your income and then pay taxes on it (i.e. the FC happens in 09, in Jan 2010 you’ll have to pay taxes, if you stall it until 2010 in 2011 you’ll have to pay taxes, etc). The bank and the government isn’t going to give you the house for free and honestly, like any punishment, isn’t it best to just get it over with so that you can start over?

The other thing - Produce the Note is primarily for Sub-Prime notes because of them being bundled and sold repeatedly. Prime mortgages and Bank Owned Properties - the note, if you request it, will be produced immediately. The delay tactic will give you less than a day.
References :
Loss Mitigation Supervisor

]]> Comment on Fighting Foreclosure by T. K. http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-876 T. K. Tue, 18 May 2010 11:30:59 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-876 I have talked with a bank loan officer about this and her answer is, "Yes, this will stall until we can find a signed note, or a photostat copy of the note." So many institutions have sold the papers they hold on loans that it will take the purchaser some time to come up with the paperwork. If a loan has been sold more than once it becomes even harder to produce. According to my source it could take six months or longer for an institution to, "Produce the Note."<br><b>References : </b><br>I can not give the name of my source or her employer. She fears if a banker is found to be giving out this information he, or she could be fired. I have talked with a bank loan officer about this and her answer is, "Yes, this will stall until we can find a signed note, or a photostat copy of the note."
So many institutions have sold the papers they hold on loans that it will take the purchaser some time to come up with the paperwork. If a loan has been sold more than once it becomes even harder to produce.
According to my source it could take six months or longer for an institution to, "Produce the Note."
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I can not give the name of my source or her employer. She fears if a banker is found to be giving out this information he, or she could be fired.

]]> Comment on Fighting Foreclosure by A D http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-875 A D Tue, 18 May 2010 11:28:59 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-875 I have been interested in this tactic since hearing about it. I can only imagine that many servicing banks are huddled under their collective desks in fear of these 3 words. I am guessing that those with 80%/20% notes may be the most successful with this ploy.<br><b>References : </b><br>TX REALTOR I have been interested in this tactic since hearing about it. I can only imagine that many servicing banks are huddled under their collective desks in fear of these 3 words.

I am guessing that those with 80%/20% notes may be the most successful with this ploy.
References :
TX REALTOR

]]> Comment on Fighting Foreclosure by Paul in San Diego http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-874 Paul in San Diego Tue, 18 May 2010 11:26:59 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-874 I don't personally know anyone who has done this. But, it is a stall tactic that may or may not be accepted by the judge. I think you would have a lot more success with it, though, if you retain an attorney to represent you. But, if you have 6 months from the sheriff's sale, I would imagine that would be plenty of time for the mortgage company to track down the original paperwork (or an electronic copy of it).<br><b>References : </b><br> I don’t personally know anyone who has done this. But, it is a stall tactic that may or may not be accepted by the judge. I think you would have a lot more success with it, though, if you retain an attorney to represent you.

But, if you have 6 months from the sheriff’s sale, I would imagine that would be plenty of time for the mortgage company to track down the original paperwork (or an electronic copy of it).
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]]> Comment on Fighting Foreclosure by Chris http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-873 Chris Tue, 18 May 2010 06:24:13 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/fighting-foreclosure/#comment-873 <b>Has anyone used the "Produce the Note" strategy in fighting a foreclosure?</b><br>My house is in the final stage of the foreclosure process. I believe I have about 6 more months before the sheriffs sale. I heard on the news that you can prolong the foreclosure by making the lender "Produce the Note". Has anyone done this and had success? Has anyone used the "Produce the Note" strategy in fighting a foreclosure?
My house is in the final stage of the foreclosure process. I believe I have about 6 more months before the sheriffs sale. I heard on the news that you can prolong the foreclosure by making the lender "Produce the Note". Has anyone done this and had success?

]]> Comment on How To Sell Your Real Estate Investment With Seller Finance by Todd B http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-872 Todd B Wed, 28 Apr 2010 15:05:59 +0000 http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-872 It's perfectly legal, if done right. I got started this way, and have example on my site. Here's the rub .... YOU MUST disclose the money coming back from the seller to the lender. Some people say you can do this under the table, NEVER hide it from the lender. If you do, you can get in huge trouble (it's called defrauding a lender). The other thing is ... this is actually an older technique. These days, lenders require you to prove you have the 20% down in the bank and ready to go. They frown on borrowed down payments for the most part. If you can find a lender to go for it, and you disclose you are receiving the money back from the seller at closing for repairs and improvements .... it is perfectly legal. Hide your dealings from the lender, and you can get into trouble. Honesty is always the best policy. Todd MillionaireCoaching.com HomeBuyingSecretsExposed.com .<br><b>References : </b><br> It’s perfectly legal, if done right.

I got started this way, and have example on my site. Here’s the rub …. YOU MUST disclose the money coming back from the seller to the lender. Some people say you can do this under the table, NEVER hide it from the lender. If you do, you can get in huge trouble (it’s called defrauding a lender).

The other thing is … this is actually an older technique. These days, lenders require you to prove you have the 20% down in the bank and ready to go. They frown on borrowed down payments for the most part.

If you can find a lender to go for it, and you disclose you are receiving the money back from the seller at closing for repairs and improvements …. it is perfectly legal. Hide your dealings from the lender, and you can get into trouble. Honesty is always the best policy.

Todd

MillionaireCoaching.com
HomeBuyingSecretsExposed.com

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]]> Comment on How To Sell Your Real Estate Investment With Seller Finance by arthur http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-871 arthur Wed, 28 Apr 2010 15:03:59 +0000 http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-871 Most likely no. You have to make all money transfer known to your lender. I don't know any lenders that will allow the seller to make the down payment. Especially into todays mortgage market.<br><b>References : </b><br> Most likely no. You have to make all money transfer known to your lender. I don’t know any lenders that will allow the seller to make the down payment. Especially into todays mortgage market.
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]]> Comment on How To Sell Your Real Estate Investment With Seller Finance by r_moreland13 http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-870 r_moreland13 Wed, 28 Apr 2010 15:01:59 +0000 http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-870 Some lender will allow this but there are few left. It is called a gift of equity. Usually you must be related to get that gift. They will not give you cash out though. You would have to refinance after the purchase which you can only do if you have excellent credit. You can make arrangements with the seller if you can trust them to purchase the property at 100k and have them give you the 20k.<br><b>References : </b><br> Some lender will allow this but there are few left. It is called a gift of equity. Usually you must be related to get that gift. They will not give you cash out though. You would have to refinance after the purchase which you can only do if you have excellent credit. You can make arrangements with the seller if you can trust them to purchase the property at 100k and have them give you the 20k.
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]]> Comment on Having the Right Attitude to Get Help With Foreclosure by chebrew2000 http://www.foreclosures-definitions.com/definition-of-foreclosures/having-the-right-attitude-to-get-help-with-foreclosure/#comment-867 chebrew2000 Wed, 28 Apr 2010 15:01:59 +0000 http://www.foreclosures-definitions.com/definition-of-foreclosures/having-the-right-attitude-to-get-help-with-foreclosure/#comment-867 Money wise this guy is not a good provider. He has no assests and he's still living in the past like he does. He needs to find a way to go to school and get a degree in computers or find some way to make himself employable. Maybe work from home or something. While he's unemployed, the least he can do is try to form some kind of relationship with your kids. He's trying to control you and the kids because he can't control the downward spiral of his life. No house, no job. Under these circumstances marriage isn't going to help your situation. It'll probably make it worse. Can you get him a job at your restaurant?<br><b>References : </b><br> Money wise this guy is not a good provider. He has no assests and he’s still living in the past like he does. He needs to find a way to go to school and get a degree in computers or find some way to make himself employable. Maybe work from home or something. While he’s unemployed, the least he can do is try to form some kind of relationship with your kids. He’s trying to control you and the kids because he can’t control the downward spiral of his life. No house, no job. Under these circumstances marriage isn’t going to help your situation. It’ll probably make it worse. Can you get him a job at your restaurant?
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]]> Comment on How To Sell Your Real Estate Investment With Seller Finance by J O http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-869 J O Wed, 28 Apr 2010 14:59:59 +0000 http://www.foreclosures-definitions.com/define-foreclosure/how-to-sell-your-real-estate-investment-with-seller-finance/#comment-869 The answer is that it depends on the loan guidelines. Most loans limit cash back from seller to 5% of the purchase price. I really doubt you will find a lender that will allow that much in seller concessions, especially on an investment property<br><b>References : </b><br> The answer is that it depends on the loan guidelines. Most loans limit cash back from seller to 5% of the purchase price. I really doubt you will find a lender that will allow that much in seller concessions, especially on an investment property
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