The woman’s dilemma was brought to my attention clearly 5 months AFTER she lost the house at Sheriff’s Sale. The Society didn’t bid on the house at Sheriff’s Sale, it bid on the house when it was scheduled to be sold at AUCTION. It was the Society’s intent to be the successful bidder and stave off the family’s eviction from the premises. WE were the successful bidder, and after a convoluted process, were fortunate enough to have located several Investors who would consider making a purchase money mortgage loan to the former owner. The Society assigned it’s interest in that Contract to the former owner who was able to complete the purchase.
What made this case so interesting was that we determined that the former owner had not missed any mortgage loan payments to her then lienholder, and that the Sheriff’s Sale was a wrongful taking. Our appeal to the Judge though compelling, was denied due to the length of time that had elapsed between the Sheriff’s Sale, and our petition.
So the bottom line is this: the family’s residence of 27 years had been repurchased by the former mortgagors as an REO at a sales price of less than they had owed, and, based upon a prudent review of the facts, an investor will see a fair return a good investment.
The Society, staring at a possible $40,000 profit, instead charged the distressed (former) homeowner a nominal amount to cover expenses including long distance phone calls, faxes, FedEx, mileage, and time spent (about 3 months) devoted to this most unusual case. Incidently, nonprofit doesn’t necessarily mean “for free”. In this case, a mortgage broker’s commission would have substantially exceeded any fees charged to the Client.
I bought a home about 3 years ago. Conventional loan of 180K @ 9.9%. Started a business 2 years ago and took a second of 40K @15%. House has no equity I maxed it out. Business was slow at the beginning of the year and evry month my sales should have gone up but went down. Way down to a whopping 68% below last years numbers for this time. I was behind one month than two months, hoping sales would climb and I would pull out. After the third month of low sales I looked at putting the business up for sale at a loss for $79K but no takers yet. I’m on my last leg into full foreclosure of 4 months this next week. I’m going down and feel I’m going to drown.
I have a wife and 9 year old. The last thing I want to do is loose my house. But none of the mortgage companies will give me another loan or re-finance me until I become current. It will take about $10k to bring me current. I finally received orders for the business and will have about $35K in the next three months.
What can I do to put a stop to the foreclosure? or at least delay it until the full amount of cash comes. Which is about 6-8 weeks away or sooner.
I need some advice and I need it quick I looked to my family but no one has $10k to loan me for a short time. What should I do. What are my options to protect my house and family??
OOOOOps! put in the wrong address. Sorry. As I was saying if you would let me know how much your willing to rip me off :>) I’d be more than happy to review the paper work.
Cv
Re: In foreclosure what do i do - Posted by Ralph in VA
Posted by Ralph in VA on June 05, 1999 at 22:46:17:
I havent read the responses yet, but I would suggest factoring your orders at about a 4-8% discount. If you do not have any resources to do this quicKly, email me and I’ll help you.
I work with a bunch of for profit investors who will be happy to lend you money at usurious(sp?) rates. We move quickly both in getting you financed and evicting you if you don’t keep your word. PLease email me for details.
Thanks,
karp
PS: Did I mention that we do this for a profit? Therefore you needn’t trust or like us, all our cards are on the table. You either take the deal or you don’t. LOL
Do you know how long it takes to complete a foreclosure from start to finish in your state? If you don’t, call a real estate lawyer on Monday and find out. E-mail me that info and I’ll try to come up with a few ideas. If you are in a judicial state, or have a period of post sale redemption, it might be long enough for you to accumulate enough money to reinstate.
If the orders have been shipped you can borrow or sell the reciepts. it will cost you a little of the actual amount but it helps during low cash flow times.
Pat
They have a book for 30 bucks, part of which is “TAX DEDUCTIBLE”! “Hey, I know you are losing your house, but a few more of these tax dedcutions and you will be just fine!”
Tell me specifically why you recommend this company?
Thanks,
karp
PS: I can’t help I hate “do gooders”…especially when they are charging people to not help them.
I advocate SPOCH’s intent, expertise, and track record.
They utilize techniques and strategies designed to help financially distressed homeowners preserve their homes without additional borrowing, and without bankruptcy.
Most of their Clients cannot afford to pay for the services that they desperately need, so SPOCH performs most services pro-bono. The $30 book sale helps pay for long distance phone calls to foreclosing lienholders, FAX, FedEx, postage, files, folders, etc.
In the last 20 years or so, we’ve helped many hundreds of financially distressed homeowners keep their homes. Sometimes it just takes a call or two to get them back on track. Sometimes it takes months and months.
So, Karp, we are ‘do-gooders’ and are not looking to exploit the financially unsophisticated. Sorry if you hate that concept.
Karp, I am an investor in NJ and have dealt with this group. I personally spoke to a woman
who had been bailed out at the eleventh hour by SPOCH
and she said these people are “angels” They did so much work for very little, personal visits with the homeowners, dealings with the bank, complicated time consuming negotiations which the woman
and her husband, who are elderly and sick, could never have accomplished in a million years. I recommend them.
If you must know, after consultation with the property owners, the Society purchased the property at Sheriff’s sale at a huge discount, then instead of tossing the couple out and flipping it for a quick $40,000 gain, found new financing for the owners(provided by me, a for-profit guy) and assigned the contract back to the original owners. Sounds like a good deed to me. Why all the negativity ?
I think we are in the same game…
What you sent to me, the following quote, is pretty much what I do to!
“For investors, we provide
short sale administrative services and good to go short sale deals… These subcontracting projects help pay the bills, too.”
Yep, sounds alot like me! Except I love the profit motive and feel it is absolutly admirable to have a self interest.
SO I will call my company.
PROFITABLE Society for Your Continuing Home Ownership,
or PSYCHO for short.