I am currently trying to buy a house and have a signed
I am currently trying to buy a house and have a signed purchase agreement. My lender is asking for a letter showing that I d not have a balance owed on an old mortgage that went to foreclosure in 2013. 2 of the 3 credit reporting agencies are showing the account closed with a zero balance and one (equifax) is showing it as closed with a balance. I called the old mortgage company and asked for a letter stating that the account was closed and there was not a balance. I received the following letter from them and do not understand what this means or what I need to do to get this cleared up and off my credit report."Concern#1 You requested us to provide a letter stating that there is no outstanding principal balance on the loan.On 08/24/2012, foreclosure proceedings were initiated on the property. Further, foreclosure sale was completed on the property on 12/17/2013 and the property is conveyed to Real Estate Owned (REO). Currently, the unpaid principal balance of $334,231.12 is reflecting on the loan. Therefore, we are unable to comply with your request to provide a letter indicating that the loan has zero balance."
We are under contract on a house in Florida. I got a loan
We are under contract on a house in Florida. I got a loan estimate from my financier and see title charges are my responsibility, however when I read the contract it appears the seller is responsible for the owner's policy & charges and possibly also the lender's policy & endorsements. The home is a Fannie Mae Homepath property (REO property).I asked my finance guy why they were on my loan estimate and his response was: These appear to be costs that the Seller is requiring you to pay per contract as they are included on your Loan Estimate (LE). He then asked if I had a real estate attorney to review the contract, hence why I'm reaching out.The contract is a standard: "AS IS" Residential Contract For Sale and Purchase approved by Florida Realtors and the Florida BarThe verbiage per the contract states:CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS:(a) COSTS TO BE PAID BY SELLER:- Documentary stamp taxes and surtax on deed, if any- Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) <--- THIS- Title search charges (if Paragraph 9(c)(iii) is checked)- Municipal lien search (if Paragraph 9(c)(i) or (ii) is checked)- HOA/Condominium Association estoppel fees- Recording and other fees needed to cure title- Seller's attorneys' fees(b) COSTS TO BE PAID BY BUYER:- Taxes & recording fees on notes & mortgages- Recording fees for deed & financing statements- Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked)- Survey- Lender's title policy & endorsements <-- THIS CONTRADICTS THE ADDENDUM BELOW- HOA/Condominium Associations application/transfer fees- Municipal lien search (if Paragraph 9(c)(ii) is checked)- Loan expenses- Appraisal fees- Buyer's inspections- Buyer's attorneys' fees- All property related insurance- Owner's Policy Premium (if Paragraph 9(c)(iii) is checked)The box checked on the contract is Paragraph 9(c)(i) and states:Seller shall designate Closing Agent and pay for Owner's Policy and Charges, and Buyer shall pay the premium for Buyer's lender's policy and charges for closing services related to the lender's policy, endorsements and loan closing, which amounts shall be paid by Payer to Closing Agent or such other provider(s) as Buyer may selectIn addition to the standard contract we signed a Real Estate Purchase Addendum which "is to be made part of, and incorporated into, the Real Estate Purchase Contract".Within the Addendum, section 10: Closing Costs and Adjustments:10(f): Title and Closing Services. Purchaser will obtain title and escrow services from (check one):The box that's checked reads: Seller's escrow closing and title provider and title insurance company used by Seller's provider. If Purchaser selects this option, Seller shall pay for the owner's and lender's title insurance policies. Purchaser and Seller agree that Seller's payment of the title insurance products is limited to the amount that Seller would pay its provider under its agreement with the provider for a basic residential owner's and lender's title insurance policy or their equivalent.The other, unchecked, box specifically states: Other escrow closing and title provider. If Purchaser selects this option, Purchaser shall bear the expense for all title insurance costs associated with the transaction, regardless of local custom, requirements or practice.The costs associated with these services are as follows (per my Loan Estimate (LE):- Title-Endorsements: $150- Title-Lenders Title Insurance: $1,170- Title-Settlement Fee: $695- Title-Owner's Title Insurance (optional): $1,225TOTAL: $3,240When we purchased a house 6 years ago we paid $1,040. Granted that home cost $85k less than this one, but the amount we're being told to pay is triple and we have no say over the company that's used.I appreciate the assistance. I do have the entire contract in case I'm missing anything. Thank you, Jessica
I am looking at Foreclosure auctions in Broward County
I am looking at Foreclosure auctions in Broward County Florida and something makes no sense to me ........ I see on most of them, the Plaintiffs placing a Max Bid exactly equal to the Final Judgment value .............. but in most cases, these amounts are far in excess of the properties themselves. Example -- I am looking at a property that is in bad shape. It needs repair. But these duplex houses in good shape sell for $160,000 However, the final judgement and plantiff max bid are $264,000 Who the heck , bank or anybody would be willing to pay over $100,000 more than what the property is really worth .JA: Has any paperwork been filed?Customer: Yes all judgements done and auction scheduled for May 25JA: Anything else you want the lawyer to know before I connect you?Customer: no
A bank that I own stock in foreclosed on and took ownership
A bank that I own stock in foreclosed on and took ownership of property that was valued at five million dollars. The bank sold the property a few months later for only nine hundred thousand dollars. The properties consisted of two new homes worth 1 million each and 10 vacant building lots worth 250k each. The new owner just sold one home for a million dollars. Something is very wrong. Is this allowed for a publicly traded company? Could they be taking a loss for tax reasons? Is a complaint to a regulator authority warranted? Should the IRS be notified as well? any suggestions?
I am the winning bidder at an auction site for an REO
I am the winning bidder at an auction site for an REO property in NJ. The foreclosed property is occupied. The bank is selling it as is. I would be responsible for evicting the tenants. How much would a lawyer charge for that process?
I am looking at some property that is behind my current
I am looking at some property that is behind my current property - it is full of trash, house unliveable, etc - I just want it for the land - Assessed value is $67K Maximum plaintiff bid is $187K Land is valued at 31K. If the plaintiff wins what do they do with the property?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: Sorry - FloridaJA: Has any paperwork been filed?Customer: I am new to this - what do you mean by paperwork? It goes for auction on the 11th of this month.JA: Anything else you want the lawyer to know before I connect you?Customer: How much i sthis going to cost?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: ok
Re: Real Estate Wholesaling, I want to buy REO's(/Real
Hello,Re: Real Estate Wholesaling,I want to buy REO's(/Real Estate Owned) properties from the bank. Therefore, the assignment of contract is not a consideration. I will purchase the REO outright (using my own money,no financing).This gives me the right to purchase and sell immediately to a cash buyer using a double closing.I think this is O.K.(Legal) in the state of VirginiaEmily
Vice President & General Counsel
Some years ago my lender offered me a short payoff not a
Some years ago my lender offered me a short payoff not a short sale. A short payoff where I would make an offer on my property and they would decide if they would accept it or not. If they accepted it then I would have to verify I have the funds and they would collect payment and release my title. At the time I didn't have the money however my question is why would a lender even suggest that as an option. Is this common practice? I must admit I was significantly behind on my mortgage.
When buying homes via auctions, how is that homes that are
When buying homes via auctions, how is that homes that are worth hundreds of thousands of dollars sell for $100 vs other homes that sell for hundreds of thousands of dollars? When you win the auction, does the winner have to pay winning bid "in addition" to what's owed on the defaulted mortgage?