Sat, Jul 04, 2009
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Desperately Seeking Investor For Upcoming Foreclosure |
lbensoncan2
2 Posts
Member Since: 11/06/2008
Visalia, CA
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Posted: 09:19 on 11-06-2008
I have family members in the Visalia California area who are going to be loosing the family home. This home has been in our family for almost 40 years and it is heartbreaking to let all the memories go without a fight. Since my family and I live 3000 miles away, & outside the country we are unable to acquire a mortgage to try and save the home on our own. I am appealing to any one who might have any information that we may have over looked on how we can possibly acquire a foreclosure property ourselves or if there is an investor out there willing to help so they might be able to stay in the home and eventually purchase it back on a rent to own type of situation. With the ridiculous interest rate that the lender kept increasing there would have been no way that we could provide any subsidy on a monthly basis that would have made a difference. At this point it has already gone into default and they are waiting to be notified of a foreclosure date. We are not looking for the obvious answers here as to what could have or should have been done in the past, but what we can do now. We have excellent credit, carry a mortgage and have equity in our home and were willing to put it up to help our family out, sign a note of guarantee, or try to get pre-approved to purchase at foreclosure if possible, but because we do not live in the states have been informed we can not do this. Serious replies only please, this is a stressful situation for my family members and I would like to make sure we have exhausted all avenues before the foreclosure date. Thank you. **Please See My Profile**
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commercialking
2918 Posts
Member Since: 03/26/2004
Chicago, IL
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Posted: 10:00 on 11-06-2008
How much delinquent are they? In CA they have a right to re-instate by paying the past due amount plus costs. This is obviously significantly less than the amount to pay off the loan.
Have they hired an attorney?
If there is equity in this property lots of people will be contacting your relatives to offer sale/leaseback/repurchase options.
I don't work California so I'm not that familiar with the process but there are usually a number of steps, not just notice of default, foreclosure. I suspect other members here may be more helpful if we knew exactly where in the process you are.
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ryandick
132 Posts
Member Since: 02/15/2005
Buffalo, NY
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Posted: 10:26 on 11-06-2008
Have you looked into the FHA Hope program? It basically allows people in the situation you described to refinance.
Here's a rough overview of the requirements to qualify. Google "FHA Hope" for additional details.
* The existing mortgage was originated on or before January 1, 2008;
* Existing mortgage payment(s) as of March 1, 2008 exceeds 31 percent of the borrowers gross monthly income;
* The homeowner did not intentionally default, does not have an ownership interest in other residential real estate and has not been convicted of fraud in the last 10 years under Federal and state law; and
* The homeowner did not provide materially false information (e.g., lied about income) to obtain the mortgage that is being refinanced into the HOPE for Homeowners mortgage.
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cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
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Posted: 10:48 on 11-06-2008
In these tight lending time, I have spoken to 2 people that have done 97% purchase loans to buy SFRs
I thought the days of "sub-prime" high LTV were gone.
CK is right on the reinstatement. I would then look to see if the loan can be assumed.
The current process is CA is basically as follows:
30 day notice of intent to file NOD
NOD filed, 90 days to NTS
NTS filed, 3 weeks to auction
This is presuming non-judicial foreclosure.
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lbensoncan2
2 Posts
Member Since: 11/06/2008
Visalia, CA
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Posted: 14:01 on 11-06-2008
Here is some additional information that should have been included with my first post to get some proper advise I think. My family had a chapter 13 bk that they dropped out of because of the maturing ARMs (both the first and the second) and their payment was too high to start with. So, the bk was dismissed, and they went to the chapter 7, and the first mortgagors representative went to bk court on the 29th to file a motion to move forward with setting a date of sale, since they were temporarily stayed due to the chapter 7. They did not file an objection to this because they are unable to come up with the total amount due to catch up and even if they did, they would still be looking at payments that are too high combined with the 2nd. The home, as I hear has been the case in a lot of instances was overvalued and therefore does not have any equity in it as it is valued in todays market.
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