Archive for the ‘estate’ tag
wells fargo bank foreclosures
wells fargo bank foreclosures
foreclosure – What is next? (California)?
Ended up filing Chapter 7, and letting the house go as part of it, as the typical foreclosure.
I am currently living in the house (Central California), and when I called the Bank today (Wells Fargo) they said that the house had gone to auction today, and that they had no details of whether it had sold or not.
What is the next step? Bank was vague, said probably service by letter, and 7 days to vacate if the property sold during auction.
If you went through this, would you share how it happened? I heard from friends about “cash for keys” though I do not think it applies to me, as I am the ex-owner, and not a renter.
Thanks for your help (Please avoid personal negative comments, it’s been a crap week, I could do without the “well just move your butt out, moron” type thing). Thx
I have not heard about anyone getting cash for keys in CA for a long time.
Since you were the owner you usually have 7 days to clear out.
As you have been living scott free for awhile now I am sure you are rolling in dough and ready to buy something else for cash anyway.
wells fargo bank foreclosures
Foreclosures – How to sell your property fast and avoid foreclosure
Experiencing financial difficulties can be expected during these tough times. These can be caused by health problems, unforeseen medical bills, loss of job or even rising mortgage payments due to the credit crunch. The real difficulty however, is more evident at the thought of loosing something you worked so hard for.
Foreclosures are imminent once you start falling behind in your mortgage payments. And this may cause you to panic or unnecessary stress at the thought of losing your hard-earned property. However, there are some things you can do in order to keep this from happening. There are measures you can take in order to avoid foreclosures.
Before you start panicking at the first sign of trouble, it is important to talk to your lender first in order to avoid foreclosure. This may be a little nerve-wracking knowing the terms of your agreement and the consequences if you will not be able to pay on time the right amount. However, you have to keep in mind that your lender is not there to take away your house. Ask them about your other options first and see if you can commit to any of the options you were given. And aside from giving you options, they will be able to explain and make you understand what foreclosures really mean, so that you also know what to expect and what to avoid.
Foreclosures happen when the mortgagor is unable to make the mortgage payments in time before the lender’s set deadline. The lenders security interest gives them the right to foreclose or auction off your property in order to recover their investment. They will now assume rightful ownership of your property. If your property fails to be sold for what is owed, there will be a deficiency judgment filed against you. Both a foreclosure and deficiency judgment could eventually harm your credit rating. This will make it harder for you to apply for credit in the future.
But in some states they offer the option of using a deed of trust. Three parties are involved during this process. Of course there would be the mortgager and the lender, but this time a third party could be involved. This third party holds a temporary title on the home until the balance has been paid off. The trustee or the third party of these foreclosures will be selling your home once you become delinquent in your payments. With the help of a trustee, this deed of trust will be processed through the court system and will now serve the same purpose as your mortgage. You can negotiate with your lender on the terms to buy back your property upon paying the fully owed amount.
Foreclosures can also be avoided by selling your property. However, you may be putting yourself more at risk of not being able to sell the property in time to pay off your lender when you try to sell at its market value. The idea here is to decrease turn-over time and sell your property right away and avoid the risk of foreclosures by short selling your property.
Short selling means that you will sell your property for a fraction of what its actual worth. But you may wonder, how will you be able to pay off your mortgage with that small amount? This is because you should have been able to talk to your lender before selling the house and negotiate a mortgage reduction with them. Through this process, you can still salvage your credit rating and avoid foreclosures that could ruin your chances of getting a mortgage again in the future.
About the Author
Are you worried about foreclosures? Do you believe there’s nothing you can do? You need to know all of your options – you can be SAVED from foreclosure. Go to http://www.walkawaytoday.org to get your free e-course on understanding foreclosure and how you can avoid it!
Which bank do I approach and how do each of them view this situation
I am in the process of seeing if I can get a deed in lieu of foreclosure approved. Please don’t try to talk me out of it as that won’t contribute much to this particular question. My first mortgage of 260k is with Wells Fargo and the 2nd is with Chase (150k). How do I approach the two banks and how do they view their position’s in this situation. Any insight is appreciated.
If you already owe the money on the house, then you can’t re-sign nor would the bank want your home… try a short sale.
Wells Fargo Opens Bank Inside Omaha High School
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