Could some one please advice of legal fee could be waived. Or should I just pay the full amount and be glad to have a home.
2007-04-09 08:50:56 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
When you bought your home you signed the mortgage. That document (several pages), details how the lender will proceed in a foreclosure. It will state that you agree to pay for all fees that stem from a foreclosure. So you owe the attorney fees, filing fees, auction fees, etc. They would be paid thru the proceeds of the sale-assuming the home sells for enough $$.
It is always best to pay back the loan. Your credit will be destroyed by a foreclosure and it will take several years to build it back up to where another lender will give you another home loan.
2007-04-09 08:59:27 · answer #1 · answered by thinking-guru 4 · 0⤊ 0⤋
People interested in purchasing forclosures need to know what they are doing. You need to read a few books or go to a couple of seminars so you understand the steps. Foreclosure purchasing is different from property to property and hard to answer YOUR question. Regarding the legal fees I am assuming you are talking about auction type of purchases so No if the legal reps are on the side of the lenders who own the foreclosures and you need to use their people. There are special companies who assist you in the purchase and paperwork they specialize in short pays and forclosed properties, Or you can find a lawyer who is a specialist and ask what his rates are and ask for a reduction if possible BEFORE he starts working with you....You should have all in writing from all parties..
2007-04-09 09:14:33 · answer #2 · answered by city girl 3 · 0⤊ 0⤋
There are some missing information so it is difficult to give advice. Did you just buy a foreclosed home and they are charging you the foreclosure fees? Then yes, the bank can pay them. Those may be passed to you the buyer but you can say I dont want to pay those.
2007-04-09 09:01:34 · answer #3 · answered by QuiteNewHere 7 · 0⤊ 0⤋
Yes, they are negotiable. What's more they are often padded. In theory an attorney must submit an affidavit of his time & services -- unless you agree otherwise. As often as not, judges will knock off suspicious looking items if they are challenged. So if you ask to see the attorney's fee affidavit before agreeing to a sum, you might suddenly see things get more fexible.
2007-04-09 09:20:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋