Please help..facing foreclosure?

Question

We are facing foreclosure on tuesday of our home. The people have not payed the property taxes in a while and we were just wondering if there is a way to kinda extend the due date or...away to stop the foreclosure an info on this, ...please any help is greatly appreciated

Answer 1

Im taking it that you are the rental tenants of the propertyand the owners are the ones that have neglected their taxes.
If this is true, perhaps you can try talking to the owners.

See if they will agree to you guys taking over the payments on the house, as in an assuming of their loan. You can tell the owners that youll pay the payments so that you can live in the home.
Try to have them transfer ownership of the property to you, or perhaps a lease to purchase agreement made, where you make house payments and agree to catch up on the taxes and they will in turn give you the deed eventually.
If that happens you can always contact the tax assessment office and arrange a payment schedule with them.

I doubt your rent is the exact amount of the loan payment so what you might be able to do in taking over the loan is apply the excess of your new rent payment(after loan payment is deducted) to the taxes.
I wouldnt understand why the owner wouldnt go for somethign like this, since the house will go to foreclosure anyways.

You could probably set up a small kick back to them as in 100 per month, or whatever you feel you can afford, after all is paid, just so that the owner gets something here.

If owner says no, try contacting the bank they make payments too, explain youre the tenants you will continue to make rental payments and would like to discuss possible ownership transfer, and see if they will work with you on that.
This way you will basically cut out the present owners out of the equation and you will make payments to the bank, but youll have to catch up the back taxes which -- will probably have you breaking even -- since you wont be paying rent--but paying the amount of the loan payments due directly to the loan holder, and you should have money left over for taxes.

I doubt they will just toss you out once the foreclosure process has taken place. If anything the next owner would want a tenant in their paying rent.

Have you considered trying to get a loan to purchase the property in foreclosure.
You should get a good price for it.

Best way to get your foot into the real estate market.

good luck its the best I could do.

Answer 2

The first thing you need to do is first thing Monday morning is go to your local county offices, and file a bankruptcy. This is the only way to stall the foreclosure date. It will give you about six weeks to see if:

A) You have enough equity in the home to qualify for a bailout. If you have more than 65% of your home currently financed, then you probably will not qualify.

B) Figure out how your mortgage was structured. If the taxes have gone unpaid it means one of two things. You didn't pay the taxes yourself because they weren't escrowed into your monthly mortgage payment, or the bank never sent your money from the escrow to the receiver.

If you included your escrows into the mortgage, then the bank is responsible for sending the payment, but if you waived the escrows at the closing of the loan, then it was your responsibility to pay the receiver twice a year.

You may also want to confer with an attorney tomorrow, (a real estate attorney would do) and see if they can help you with filing the bankruptcy.

Good Luck.

Answer 3

My first bit of advise is don't listen to anyone's advise who doesn't know for sure what your situation is.

It sounds like you **could** be facing moving no matter the ownership situation is of the home. While moving may be a bit less complicated then rushing out and filing for bankruptcy tomorrow morning, or selling the home to an investor, or any of the other "self serving" solutions are on this list .. from well meaning people that do not know what to advise from the lack of information in your question.

Many options that may have been available to you a month ago, may be lost now. You do not have time to even read all these helpful remarks.

What you must do is pick up your phone tomorrow morning and start calling any numbers you have - START with the phone numbers on the foreclosure notice or however you were notified of the situation... ..find out what is expected of you and DO IT - if you are trying to secure your residency.

If your not trying to secure your residency there ... then pick up the phone call U-Haul.

I wish you the best of luck on getting the answers you need.

Answer 4

You are facing foreclosure ? then you are the owner and you are obligated to pay the taxes or make sure the escrow account pays them .
By the people , do you mean the escrow people that took them out of your mortgage payment ?
If you are in foreclosure on tuesday , you have monday to refi to another loan .
Get on the stick monday at 8 am , or else you will be out the door on tuesday .

Answer 5

You need to contact a real estate investor right away or pay up the mortgage to bring it current. Depending on what state your in you can go up to the date of the sale to pay it off. There is whats called short sales which the investor can do he pays your mortgage that's past due as well as any court costs and fees from the bank as well as lawyer fees bring everything current but he also owns the house then.. ASK if you can have a lease option meaning you rent with the intentions of buying the house back and its usually a year to bringing your credit back to where it should be. Once this year is up you purchase the house back from the investor.... This way you can still stay in the house you love so much and your credit is not down the drain. I am a Real Estate Investor Look for one in your area you can find them in your news paper in real estate ads. If you need any more information contact me through my email. [e-mail]

Answer 6

PWT = Pizzing while talking. This is considered an unforgivable sin within the male community, as it means the dude beside you at the urinal has broken the code by speaking to you. Why you're bringing this up in a discussion of foreclosure and repossession, I don't know. You crazy.

Answer 7

Can you refinance?
Do you have any equity?
Has the foreclosure been filed at the Court house yet?
If it has, there will be additional costs for the bank to recoup.
Banks are generally open to working with you to get caught up, they don't like foreclosing, it is expensive and they are not in the business to own R/E.
Your R/E taxes should be included in your monthly payment.
Call your bank and negotiate tomorrow.

Answer 8

"the people have not payed the property taxes" is confusing--you said "we" and "our home"--not sure what you mean, but if you are the tenant: you may have tenant rights --if you have a lease (for example, if you have 4months left on your lease, they may have to honor it.) and if you are lease-option--maybe the same? go to the courthouse and TALK TO THEM! also, if it is in your name--as in land contract--somehow the property is in your name--and you feel that you have equity in the home--even a little bit, you can list the property for sale with a real estate agent. get an experienced agent familiar with the area. the agent can deal with the bank. it is still your house and you can still list it for sale. you will have peace of mind & control over the situation. call an agent asap!! tell them the whole story. call 2-3agents if you have to.

Answer 9

Foreclosure of YOUR home, but "people" have not paid taxes? What people? if it's YOUR home, you should have paid taxes.
Well, if this foreclosure for taxes only (you are current on your mortgage payments) just run and pay taxes on Monday.