All Forum Posts by: Bryan Ellis

Joel
They were not on a trial at any point. They fell behind. Tried working through a modification with the lender and were told they didn't qualify for one and that their options were to short or have the bank foreclose.

Having gone through the process with the bank with great frustration (having to fax them the same documents-undated for the current month) over and over for 8 months only to be told at the end that the bank wanted to take the house they'd like some help at this point.

Does anyone have a recommendation for a good loan modification company. Homeowner can make the payments currently but is significantly behind (12 months) and can't get caught up without a mod. They tried working with the lender who strung things out for 9 months and then denied the modification.

Yeah I'm not the same guy who's the "guru" I'm just an average Joe, or in this case, an average Bryan.

Scott, you bring up a different question here.

You stated that the title can still pass to the heirs but I'm assuming it doesn't have to. That it is possible to have a situation where the bank forecloses on the house from the deceased without it ever passing to the heirs-thus freeing them of the responsibility for the lien (s).

Anyway probably more hassle than its worth to pursue.

Does anyone have any experience in dealing with short sales from an estate. I have tended to ignore them but there are several coming up in this area that I'd like to look at. A few questions come to mind

1. First off is it possible to short an estate property since the mortgage holder is now deceased.
Assuming it is
2. I'm thinking that we'd have to include a death cert and copy of the will appointing an exector/exectress to establish that the person we have signing is legally able to do so. What other unusual documents should we look at.
3. In terms of marketing, what are the benefits to the estate to a short sale. Obviously they're not going to worry too much about credit repair which is the usual pitch. I suppose it might be quicker to do a short but that isn't guaranteed with the 4-6 month lag in getting a short negotiated.
4. What are the liabilities to the heirs in the event of a foreclosure and/or short sale. Can the bank get a judgement which would require the bank accounts be emptied to pay the debt before the heirs can inherit? And if they can, is it worthwhile?

PA is going to vary by county. In Chester County the attorneys are fairly open with their upset price (and usually announce it at the sale if not in advance). Montgomery is split, some attorneys will give the upset and others will not.

I'm not sure why an attorney wouldn't publicize their upset price-its just saves everyone time.

Sam
They're going to come out of bankrupcy though. Keep following that house its not uncommon for a homeowner to come out of bankrupcy and then still get foreclosed on.

I was getting some window replacement bids on a potential deal yesterday and all the guys were talking about how their company handled it etc. However the interesting part for me was the Home Depot guy (and I hate using them most of the time) who could split it out for me. Most of the bids just included the cost of remediation for lead paint right into the bid. The Home Depot guy, however, split it out. His bid included the testing and indicated that if it came back positive for lead based paint that the remediation would cost $35 per opening (there are 16 windows but 5 are doubles so only 11 openings) which gives me an idea of what the other guys are charging me (whether or not I have lead based paint on hand)

Bryan, I've done rehabs before-just never financed them. Have done everything including entire house electric, plumbing and HVAC to roofs. I know however I need to move past doing all the work myself if I want to move forward so that's what I'm trying to learn

Jeff-why would I have to rent the garage to the section 8 tenants? I'll have to check the area this house is in but I know of lots of areas around here where people rent garage space without renting the house itself.

Hey Bry, thanks for the advice

The numbers here are totally rough. I haven't seen the property, its about 2 hours away so I want to have some idea if I'm in the ballpark before I got off driving back and forth to get there. The numbers I'm using come from the realtor selling the property. Seems to know the stuff and the area but I have not verified her info-obviously would before any closing. The rent figures are what Section 8 is paying similar apts in the area and there is a long waiting list. As I haven't been in it yet I also haven't had contractor estimates in on it either so those numbers will firm up as we get forward on things here. Really just wanting to know if I'm in the ballpark area here.