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Foreclosure Q&A Category

Should I allow my condo to go into foreclosure?

I thought this was an interesting question. Read the question and my answer below. I’m sure my situation is common right now. I currently own a condo that I bought 4 years ago. I put $10,000 down and with the market crash I now owe more than it is worth. On top of that the […]

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What Is MERS?

I get this question a lot now…I see a lot of folks facing foreclosure talking about MERS. I have never heard the term MERS, so my question is…What is MERS? My answer: MERS is the acronym for Mortgage Electronic Registration Systems, Inc., a company formed in 1995, owned by parent company Merscorp Inc. which developed […]

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Can you help me understand buying a foreclosure from a bank?

Here is the question: I am a first time home buyer. I recently try to purchase a REO property which own by SPS Select Portfolio Servicing, Inc. While reading through the contract, I find it really long (11 pages) and not very easy to understand. Is this normal for a purchase contract to be that […]

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The question: I have a 1st and 2nd mortgage. The 2nd is with a different mortgage company and it has a balloon payment which is due December 2009. What happens if I can not pay the full mortgage balloon payment amount by Dec. 09 on the second mortgage. They can not make me sale the […]

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Who owns my mortgage loan?

The question: I have been trying for months to get a loan modification from my servicing company. But to no avail. So I thought if I spoke directly to the lender, I would get a better response. But the servicer tells my they do not know or can not give me that information. So, is […]

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Will Obama’s new loan modification plan work for me?

The question is below. I am a resident of Indiana. My mortgage is 15 months late. When I talked to First Franklin a month ago they said that the sheriff’s sale was set for April 15th. I filed with them in March of last year. It was supposed to take 45 days. I didn’t hear […]

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Can I bid at my foreclosure auction buying back my house?

I got this question from a reader. Am I understanding that when an owner loses his house in foreclosure and the auction takes place, he can actually show up at the courthouse steps and bid on his own house potentially buying his own home back at a cheaper cost? Is that true? My answer: Let's […]

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Here is the question and then the answer… We, the buyers, signed a purchase agreement with a Realtor/seller two days before the seller’s bank bought home at a foreclosure auction. Are we still bound to the original purchase price agreement we signed with the Realtor/seller? We are still interested in the property, can we make […]

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What happens to our HELOC during foreclosure?

Here is the whole question… We have a HELOC that we have been paying on time no lates. However, our 1st mortgage may go into default. What happens? If the 1st does go into foreclosure are we still responsible for the HELOC? Rephrased: What Happens To HELOC During Foreclosure? My answer: Since the HELOC (Home […]

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