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oregon tax foreclosures
foreclosure consequences on my rental property in Michigan?

I moved to Oregon 3 years ago. My home in Michigan never sold. The rent income has been below my mortgage the entire 3 years. I can no longer afford the mortgage and my renter is moving out in 1 month. I am considering letting the bank foreclose on the house since I can’t refinance and can’t afford to pay someone to manage the property for me. I have a 80/20 split loan thru Countrywide (now B of A)
I know that the lenders can come after you and there are tax consequences but…the house is valued at $63,000 and I owe $63,000 on it. Any idea how much I may be penalized or responsible for if they foreclose? This is SO stressfull. Any help is appreciated.

In the last 5 years there have been almost no instances where a bank came after you for money ( a judgement) after a rental property foreclosure. It isn’t worth their time and effort. But that doesn’t mean they won’t start tomorrow so you are correct to worry.
Short-sales have increased their success rate from 4% to 8% but that just wastes time for you.
Your first choice would be for the lender to accept a Deed In Lieu of Foreclosure. You sign a deed today and the bank owns it. But the banks have been scammed so they are reluctant to do this … but you should call to offer it.
If the bank sells your house for $53,000 and pays $5,000 in “costs”. You would owe them $15,000 if they got a judgement against you. There is a good chance that they would accept $5,000 cash from you since they usually get zero.

oregon tax foreclosures

1st time home buyer? REO in’s and out’s?

Hubby and I are looking to buy our 1st home in the clacks oregon area and have questions. We are reproved through the VA for more then we can afford and are looking at only what we can afford. We are very money conscious.
We are wondering about foreclosures and how they work. We were told that a bank owned is the best way to go but it might not close in time for the tax credit. Will the bank cover closing cost? We are looking at no money down and the seller to cover closing. How hard it is to get into a foreclosure?
Really any info anyone has on this type of home purchase would be great!!
Is it worth paying the the foreclosure.com website? ($40 a month!)It seems that might be the only way I might be able to see details on the the forclosed homes.
We are “VA PRE-APPROVED” we have the letter in hand!! SO that means no money down!

I’m currently going through the exact same scenario. Found a foreclosed home I liked and made an offer. Offer was a couple thousand below asking and below what the bank payed for the home. Bank Countered quickly with the exact same net price, but refused to offer a closing cost credit. They also asked that I double my earnest money (no big deal since it can be applied to closing costs). To help alleviate the out of pocket costs we financed a chunk of the closing costs, so in total its only costing us 2k out of pocket.

As far as how fast the bank moves, it really depends. I feel like im incredibly lucky to have moved along so fast in the process, however you may not be so lucky…. I guess thats the risk you are taking. What you could do is include time constraints on your offer… Say, this offer must be accepted in writing within 72 hours or something to that effect.

Good luck and hopefully you find the perfect house for you.

Loan Modification – Part 3: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

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