How To Buy Foreclosed Homes For Sale

The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

http://news.yahoo.com/s/ap/20090813/ap_on_bi_ge/us_foreclosure_rates

Where did the stimulus money go if not to the people to save foreclosures?
Pat, I don;t have a mortgage. I never spend more than I can afford and I don;t beleive in debt.

I do want to know where the money went since I have to repay it like every person in the USA that pays taxes.

Have you forgotten the debt is now in the trillions? I haven’t.

As predicted by Jesus?

"…the 2008 Atlantic hurricane season already is generating buzz as hurricane specialists look at July’s unusually high level of activity. They also appear to fit what some researchers see as an emerging pattern of storms that form earlier as well as later than usual, in effect lengthening the active period within the hurricane season. The official season runs from June 1 to Nov. 30. Whether or not that pattern holds up to scrutiny, there is little question that this year’s Atlantic hurricane season is off to an energetic start." "The atmosphere’s just juicier than it normally is in June and July," says Phil Klotzbach, a research scientist at Colorado State University.

And the recession(?) foreclosures, expenses skyrocketing going off the roof? the third seal opened?

Have been looking at online ebooks to get educated about buying at foreclosure auctions, but struggle with some of the State law differences. I live in Colorado. Can some one tell me in plain english the basic difference judicial vs non judicial, what the redemption period means to the winning bidder, and does the original owner get a chance to redeem his property? Although I can’t see how he could under the circumstances.

We purchased a beautiful home in the resort town of Breckenridge, Colorado, overlooking the golf course. In November, we had a hiccup in our finances. Because of a pending refinance, we weren’t worried, but it was taking a long time for them to create a new loan package for us.

On January 4th, they told us that it may very well take closer to the end of the month to get everything together, maybe sooner. At the same time, the bank told us we had to bring the loan up to speed by January 31st or they would file foreclosure proceedings. Thereafter, we were told on February 1st that the refinance company had million in defaults in January, and they had to respectfully decline.

We are now in foreclosure and our FICO score has been hit hard by the foreclosure on our credit. We need someone to buy the house and lease it back to us in order to refinance in 6-12 months.

Please specify your terms and we can go into further details.

Thank you for your consideration.
The foreclosure sale already occurred, and no one bid on the property. I cannot go to prosper.com because we are talking about .4 million dollar first mortgage and a 0k second. The first went to sale on 6/15 and I have 75 days to redeem. The second is set to foreclose 6/29. I am trying to figure out whether the second is null and void or if it is going to proceed to sale.

If it is going to proceed to sale, in the State of Colorado, does that limit my redemption period to the date of that sale, or do I still by law have 75 days to redeem from the date of the foreclosure sale.

This is why I need a private investor to contact me who is interested in purchasing the property from the bank (redeeming the first position) in order to lease it back to me until I can get the foreclosure removed from my credit and refinance.

So far as the second mortgage, if it goes to foreclosure sale, and no one bids on it, then what? The bank owns second position or drops off completely? Confusing.

FROM:
Scott & Jennifer Giordano
Helendale, CA. 92342
giordano-luv1@verizon.net

SUBJECT: HELP PLEASE!

To Whom It May Concern:

If I may take a few minutes of your time I would like to share with you where and how my family arrived to our current situation with our lives, this includes our finances, and how we got to this point. On May of 2006 I left my previous 12 year job with County Fire Department for the following three reasons: (1) my position with County was being eliminated as of July 1st 2006. (2) Because I was losing my job with County I tried to be positive, aggressive, and proactive in finding a new job before I was let go. I Began testing in Colorado in October of 2005 and was doing very well. I continued testing for the next nine months truly believing I would be successful in getting a job in Colorado in particular with the Denver City Fire Department. I thankfully was very successful with my testing efforts and the job was pending on passing a final background. The Start/hire date was estimated to be around mid July giving us enough time to pack, move, and get established in our rental home before I started my new job. (3) My wife was pregnant with our second child and was put on mandatory bed rest by her doctor until further notice due to complications. This happened in the end of April and I resigned 8 days later with County to be with my wife and my two year old daughter.

It’s about mid May of 2006; I am home packing the house to move, taking care of my wife and my daughter. I continued making trips to Colorado for final testing and to look for our new home and a rental. We as a family make a trip around the end of May and put money down on a new Pulte house in Broomfield Colorado as well as finding a rental to live in until our house is built. My parents came along with us because they are also selling their house and moving with us. Our current home in Helendale has not sold yet and the sellers market has dropped significantly from what it was one year ago. We decided that if it doesn’t sale before we move that we could afford to put it up for rent and we would be able to make up the difference with the money I would be making on my new job.

By June we are recovering from the loss of the our baby but we are trying to stay focused on moving and are looking forward to this exciting new start with our lives in Colorado. Ten days after losing our baby we receive a letter from Denver City stating that I did not pass the final Background and was disqualified for employment. Very confused, I called to find out what happened and they said that they could not divulge any information but said that I could hire my own private investigator to find out what caused the problem. I follow their advice and hire an investigator and find out that we have been victims of identity theft for many years and the investigator stated that this would automatically disqualify me from any government/public service job. I was confused and angry without any idea what or how this had happened or how to fix this problem.

It is now July of 2006 I am now without a job unable to move and trying to figure out what to do for a job to support my family and how do I accomplish fixing this identity theft problem. I spend the next 8 months trying to fixing the identity theft problem spending over 10, 000.00 dollars of our money (not to mention the 75,000 per year in wages and benefits that were lost when I was denied employment) making hundreds of phone calls to agencies such as San Bernardino County Sheriff, FBI, FTC, IRS, Homeowner insurance company, Social Security, AIG, Creditors, Banks, and many others. I have filed two dozen reports to meet the needs of every agency requesting documentation, I have also spend 8 to 10 hours a day looking for work, working on solving our multiple problems, or working on small jobs like washing cars, yard work, small construction jobs etc. I have turned in over thirty (30) applications but I am unable to find work because my fifteen years of experience, diploma, and formal training are all based on the Fire Service. The catch 22 dilemma is I can’t test for fire departments or other public service type jobs that I am trained and experienced in until the identity theft problem is solved or I would run into the same problem I had with Denver City. I continue to hear the same thing from every employer, why are you here and are you going to go back to the fire service? Once I explained the problem they seemed compassionate about my problem but were unable or unwilling to hire me. Over the months we get further and further behind financially. Our problems have now become a huge avalanche running at full speed and devouring everything in its path. Finally, after 8 months, hundreds of hours, applications, interviews and resumes I found a part time job. I started by mid January of 2007 and the job is teaching with a Community College. For now it is only part time but I am extremely happy to be working again. Even though I am working I continue looking for full time work in the fire service or anywhere else I can find.

In the past several years I have been injured in a head on car accident with a drunk driver, had sever health issues related to stress/anxiety that required me to make multiple emergency room trips, lost a child, lost my grandmother on Christmas day, lost a best friend to cancer, lost another friend to a car accident, lost both cars that we owned, my identity, a career, my dreams, ambitions, hope, peace of mind, joy and our home in a matter of days. We have had our power turned off as well as water and cable (not a big loss there) we have had to call on our family or friends several times to drive us to work due to lack of gas money. We have bought food at discount stores (like day old bread) to save any money possible. We have also sacrificed many personnel items like golf clubs, Thomas Kinkaid art collection, football card collection, collector coins passed down by family, and many other valuable items that we had to garage sale or sold on EBay to make money just so we could survive. Our credit has been severely damaged and our faith challenged. In addition to all of that I continue to suffer from several illnesses requiring medications and a lot of doctor visits. We experienced a corrupt real-estate transaction when we tried to refinance our home to get money to help us and instead we lost 32,000 dollars and gained absolutely nothing but more headaches and attorney fees. That problem is currently under investigation with the DRE. We also gave up our dream to move to Colorado, a new house, a great new job doing what I love, and having the ability to help my parents who are retired and on a fixed income and were also counting/depending on moving. My wife and I are hanging on by a thread and are tired, stressed, frustrated, deeply depressed, angry, and confused. We really don’t want to lose the one thing we have left, our home.

I totally and completely understand that this is not anyone else’s problem and that no one is responsible for helping us in any way, however, I hope that someone can find it in their hearts to help my family anyway possible. This is our problem and I take my commitment that I made to my family very serious and we continue to do all we can to make things right again. We really don’t want to lose our house and would like to get back on track. I refuse to walk away without trying to do everything in my power first. I don’t want a short sale or foreclosure, this does nothing for our mortgage company or my family to solve the problem and in the end we all lose. I am confident that there is an answer to all of these problems and that they can be solved. Again, I understand no one owes us anything and we very well may lose everything we have if that is Gods will, I just ask that if there is any way possible that anyone else may be aware of, please, help us help our selves so we can get back on our feet, please let me know. Please help us if you can in any way. Don’t forget, we definitely can use and would be grateful for your prayers.

Please know and understand this; we have tried everything in our knowledge and power to fix the problem and we have asked for help from our family, friends, church and other sphere of influences. They have been great emotional support but most were unable to help other than that. I have written to Governor Arnold Schwartsanigger, Congress representatives Barbara Boxer and Jerry Lewis. I spoke with radio stations asking to share my story to educate others, and I might have the Wall Street Journal writing a story on our situation (waiting for confirmation). I have called or emailed hundreds of churches for prayers and help, called other family members out of state, friends and even complete strangers looking for help, ideas or any kind of work opportunities they may know of. I don’t know if there are any true heroes left in this world but I am calling 911 to my fellow country members during this major life changing crisis and I hope someone is going to respond. Please understand that I am a father and I love my family very much and I don’t want to see them in pain or in fear anymore, it just destroys me inside to see them suffer. I have tried everything I can to stop, save or change our situation to no avail. I wish I did not have to write this letter but it’s all I have left. I know at some point this will end and we will be better, smarter, humbled, joyful, peaceful, and more grateful for our lives and for the lives of others around us. I believe and hope that I can someday use this experience to help others that are struggling or have felt all alone with nowhere to run.

As stated earlier in this letter I am now working and my wife starts working the first of April. We are confident that we can get back on our feet and are working hard to get our lives back on track. We are slowly getting there but it may be too late. Please understand that I have had to steal change from my two year old daughters little piggy bank just so I have gas to get to work. My sweet daughter told me that it is ok because she loves me. To give you an idea we have lost over 100,000 dollars this past year to year and half from these multiple problems, but we are not going to give up we are constantly praying and we are resilient, confident, humble and hard working and we are committed to make this unfortunate situation right again. We will try to do all we can to make this work and pray you can help us. I thank you so much for your time and consideration in regards to this matter.

Note:
The following documentation is on file and I would be more than glad to provide any information to verify this letter and to make any person(s) wanting to help feel confident that their help is going to a legitimist cause and need. I would also provide pictures if desired.

1.Police report #
2.FTC report #
3.Investigation report
4.Denver City denial letter
5.Lawyer letter hired to work on credit issues from identity theft
6.Letter from parents also explaining events
7.Letter from my wife giving her perspective of events
8.Records of financial support from our church
9.Witness of events letters from friends and family
10.Affidavit From Identity Theft 911 (Branch of homeowner insurance)
11.Letters of acknowledgement from credit bureaus from Identity theft alert

Please email if you have any questions, ideas, or comments. I would appreciate anything you feel you would like to share.

Thanks again for your consideration, time, and help

Sincerely,

Scott Giordano
And
Family

We are buying a home that is a short sell. We are also caretakers for the home we are buying. We submitted a contact for less than the loan amount. The current owner has signed the offer and now it is sitting at the bank. The bank has assigned a negotiator and we are waiting to hear back from him. We have had 10 showings on the home since we put in our offer and the realtor will not put our listing as "Pending" can they do this?

They keep telling us that until the bank accepts the offer they will show as "active".

But we have a contract signed by the buyer and seller, just waiting on the bank to decide.

Other points to point our. The house goes to sale on the 18th of Feb, for foreclosure.

I am in Colorado if that matters too.

Any expert advice would be helpful!

today on news.yahoo.com:
"Students in Virginia, Colorado and South Carolina were wrongfully told by voting officials that they could lose their scholarships and their parents would no longer be able to claim them on their income taxes if they registered to vote in their college towns.
The Michigan Department of Civil Rights launched an advertising campaign this week to combat misleading rumors – some started by local officials in mailings to voters – that people would be denied the right to vote if they lost their home to foreclosure, have a criminal record or do not have photo identification. "

We are putting an offer on the house approx. k less than they "think" it is worth. The sellers agree all of the carpeting and tile need to be replaced (3000 s.f.). They were impressed with what we have done to improve the home, ie. painting the walls and area rugs to cover the stained carpet. They are unable to refinance their loan in May and will go through the foreclosure process if it does not sell. We are pre-approved for what our mortgage broker says the fair market value is. We do not want this house on the market, but we are not willing to offer more when we have done the work to make the house look as good as it does. We have an independent appraiser coming on Monday. I am also curious if we should hire an inspector as well. The bathroom walls (3 bathrooms) all have water damage and are in need of new drywall. To top it off this was a rental for two years before we moved in, the walls were stark white and dirty. The yard was full of huge weeds and trees that needed to be pruned. We took care of all of that without reimbursement. Now they want to capitalize on that and go for top dollar.

This is the last thing I want to do, but I’m afraid I’m out of options. I live paycheck to paycheck and have enough debt to dip into credit cards monthly to pay utilities. My wife just lost her job and there’s no way we can pay our credit card bills and mortgage. We bought our home in Colorado in 2001 and we’re now nearly 0K upside down with our 1st and 2nd together making it impossible to refinance. If we walk away, I know her mom will let us stay at her house until we’re back on our feet. I understand many of you will judge me for bad decisions, but I’m really looking for constructive responses. Here are my questions.

1. Can the lender come after my assets or garnish my wages?

2. What happens to the 1st and 2nd mortgages?

3. The other drastic option would be a credit card relief company. Is this worse than walking away from my house?

Thanks in advance.

OK… this may be complicated. My wife owned a home before we got married. I lived in that home with here before I moved due to the military. Now we are both living in a home in another state (Colorado) and the home is in my name. We have been unable to sell the home and are now well behind on the payments. It has been for sell 7 months and not sold and i can no longer keep up paying for that and the house here. There is no way the house will sell for what she owes. What all can they go after? Can they try to get the money from me, will we be able to just do a 1099? Will they try to come posess our furniture? I will chuck norris roundhouse kick them if they try to come into my house. I am a military cop and i live on a military base…I will give them tickets have them arrested…ha…make sure they have a hard as hell time getting the stuff.