Repo and Foreclosure options

[Mediamind]

Hey guys. I was wondering what options are available for homeowners and car owners who are about to default on their loans. From what little research I have done, by the time homeowners realize that they are in major trouble, refinancing is usually not an option. and as far as repos go, a depreciating product really leaves no options. So if you have any ideas regarding this I would love to hear about them

[jeremylorino]

This is what I know about homeowner options. This is general practice and it does vary from lender and place of loan origination.

After 60 days of no payment the mortgage company will submit a letter to the county and/or city and the homeowner advising them of a pending foreclosure. (This is how you get foreclosure priced houses without the mess of buying a foreclosure) Sometimes the mortgage company will post a for sale sign with their perfered real estate agent if they are not too nice. The homeowner has the option to sell the house themself or make current with the payments.

After the next 30-60 days the mortgage company will writeoff the loan and foreclose on the property. I have heard of extenuating circumstances where the mortgage company will allow the homeowner to rent the property as a tenent, but that is a case by case basis.

After the mortgage company begins forclosure you have no option but to obey the eviction notice which will buy you another 48 hours or so.

Hope this helps.

P.s. What type of business are you in?

[rogercbryan]

Hey guys. I was wondering what options are available for homeowners and car owners who are about to default on their loans. From what little research I have done, by the time homeowners realize that they are in major trouble, refinancing is usually not an option. and as far as repos go, a depreciating product really leaves no options. So if you have any ideas regarding this I would love to hear about them

I don't like this statement as it means that the homeowner had their head up their ass from the time they were 1 day behind on their payments. They know instantly when they are in trouble. The problem is how they react to it.

Homeowners can short sale their house in some cases as the banks would prefer a loss on the original loan rather then letting the house go into foreclosure which creates legal fees and possible sitting time on the property. There are foreclosure auctions in every city in the US right now so if the house is foreclosed on the banks can either sell it outright or put it up for auction.

When it comes to Car Repos (which is my industry) many financiers are doing anything they can to get people to keep their cars. Many trucks and SUVs have lost so much value that repossessing it is the last thing the banks want to do. If the car does get repossessed it goes to auction where it is sold off to dealers who in turn can resell the car.

[VIG_Ruddell]

I agree with Roger on the short sale. But i wouldn't recommend doing it on your own. I would hire a specialist who does short sales on a regular basis. It is a very complicated process and if you screw up you could end up in more trouble then you began with.

[jeremylorino]

I don't like this statement as it means that the homeowner had their head up their ass from the time they were 1 day behind on their payments. They know instantly when they are in trouble. The problem is how they react to it.

Homeowners can short sale their house in some cases as the banks would prefer a loss on the original loan rather then letting the house go into foreclosure which creates legal fees and possible sitting time on the property. There are foreclosure auctions in every city in the US right now so if the house is foreclosed on the banks can either sell it outright or put it up for auction.

When it comes to Car Repos (which is my industry) many financiers are doing anything they can to get people to keep their cars. Many trucks and SUVs have lost so much value that repossessing it is the last thing the banks want to do. If the car does get repossessed it goes to auction where it is sold off to dealers who in turn can resell the car.

Well you can't blame them they are "entitled" to buy a house whether they are financially able or literate.

[rogercbryan]

Well you can't blame them they are "entitled" to buy a house whether they are financially able or literate.

WHAT! No one is ENTITLED to buy a house. Where are you getting that garbage. The correct word is eligible to buy a house. Entitled means that they are gauranteed.... ugh... this is assinine...

I have no idea what you think you meant... but... i yi yi

[rogercbryan]

I agree with Roger on the short sale. But i wouldn't recommend doing it on your own. I would hire a specialist who does short sales on a regular basis. It is a very complicated process and if you screw up you could end up in more trouble then you began with.

Only a bank can authorize a short sale in coordination with a pending or proposed sale. So technically even if you wanted to do a short sale you would have to have your mortgage companies approval.

Hiring a broker that specializes in short sales is a very good idea. There are brokers out there who do this and do it very well. A normal real estate agent is not your best route on this one.... good advice

[jeremylorino]

WHAT! No one is ENTITLED to buy a house. Where are you getting that garbage. The correct word is eligible to buy a house. Entitled means that they are gauranteed.... ugh... this is assinine...

I have no idea what you think you meant... but... i yi yi

It's harder to input sarcasm in writing for me. Don't herniate! =P

[rogercbryan]

It's harder to input sarcasm in writing for me. Don't herniate! =P

Gotcha... good one then.. yes I did not sense the sarcasm... and yes I like to herniate.. it keeps me on my toes... my apologies

[aalmirall]

Hey guys. I was wondering what options are available for homeowners and car owners who are about to default on their loans. From what little research I have done, by the time homeowners realize that they are in major trouble, refinancing is usually not an option. and as far as repos go, a depreciating product really leaves no options. So if you have any ideas regarding this I would love to hear about them

To stay on topic...


As of right now there is no exact timeline as to when your home may go into foreclosure it is entirely up to the current Mortgage Servicer the homeowner will have.. Two to Three Years ago JeremyLorino would be correct but not anymore... In most cases sadly enough Counties are backed up with so many foreclosure filings it creates at least 6 month window before anything official will happen to the homeowners home..

As far Short Selling your home that should be an absolute last resort unless you have a proper attorney representing you…

Due to the recent Housing Bills that were signed by our President – Mortgage Servicers now have the right to 1099 all borrowers who decide to short sell their home... Meaning if you sell your home for 200,000 and you originally owed 275,000 the mortgage company will send you a 1099 for 75,000. Thus creating a major taxable event with the IRS..

A better solution would be to request what is called a Loan Modification or Restructure… This is the most common solution for homeowners to stay in their home and to keep from uprooting their family…

This can be negotiated but the end results of doing it yourself will not be the same if you have a professional negotiating it for you…

A prefect example would be sort of like going into court representing yourself or sometimes worse having a public defender representing you… The results of your case would not be any where as good as if you had a team of attorneys on your side…

If you speak to a firm who specializes in loan modification be sure to deal with professionals who guarantee their work by having a 100% Money Back Guarantee…

If you would like more information our firm has a team of attorneys that specialize in keeping families in their homes by negotiating a loan modification with their lender and have a 100% Money Back Guarantee..

For more information visit gcgnow.com

[Mediamind]

thanks for the offer aalmirall but i am nowhere close to being in foreclosure. I sense an opportunity in repos more than home forclosures. I know that if a car is repossessed banks are basically losing their money so it is in the interests of the bank and the owner to keep that from happening. and as far as working out an arrangement with the banks, how far are they willing to bend to keep the repo from happening. If there are some sort of studies on this subject, I would love to be pointed in that direction.

[aalmirall]

On the mortgage end I am quite versed but as far as the auto repo end I have a lack of knowledge in that department.. Although I can say that through industry wide changes they are begining to do auto loan modifications as well.. I think Rogercbryan was the expert on that auto business repo end...

As far as the flexiblity on the mortgage end an example would be as followed:

We recently had a client for identity purpose lets say X.

X was behind on his mortgage by 14812.37..
His rate went from a 7.25 to a 9.5 due to an adjustment.
Through negotiations we were able to role the past due amount into the loan...
Bring the rate down from his current 9.5% to 6.25%..
Re-Ammortize his loan which by doing all this brought X current on his mortgage.
Took a non-performing loan with the lender to a performing loan...
And Lowered X's payments by 832.00...
Making his mortgage payment now economical and low enough to achieve...

Keeping X and X's family happily in their home...

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[steven123]

Hi
This is steven123

[steven123]

I am new to this forum.

[steven123]

I think this site is providing information about Repo and Foreclosure options.