FHA to Suspend Foreclosures in Areas Affected by Sandy - REO Property Preservation Forum
 
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post #1 of 10 (permalink) Old 11-05-2012, 08:06 PM Thread Starter
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FHA to Suspend Foreclosures in Areas Affected by Sandy

http://www.foxbusiness.com/governmen...-hit-by-sandy/

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #2 of 10 (permalink) Old 11-05-2012, 09:13 PM
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Lender:

"Our condolences. Now, you've got 90 days to drag that ****ebox back on its footers and get a payment in the mail!!!"

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post #3 of 10 (permalink) Old 11-06-2012, 03:01 AM
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Lender:

"Our condolences. Now, you've got 90 days to drag that ****ebox back on its footers and get a payment in the mail!!!"

Not necessarily a bad thing. Once insurance comes in a totals it all out, they might get paid off.

From what I was taught from a wise old insurance sage, they'd be better of rebuilding the home. Staying in a hotel till its done and ALE paid to help them get back on their feet.

New house, probably new job.
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post #4 of 10 (permalink) Old 11-06-2012, 03:21 AM
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Yes, if they are covered for flooding, which many are not.
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post #5 of 10 (permalink) Old 11-06-2012, 07:52 AM
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Most who stop paying mortgage stop paying insurance and taxes as well. That would rest on the bank.... Now, the question is, are they on top of it? I dont think so....
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post #6 of 10 (permalink) Old 11-06-2012, 09:29 AM
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Funny you should mention that. We used to do insurance loss inspections for a lot of big lenders. We noticed that many of the claims were filed by owners who were in default on their mortgages. Some were bogus. Many of those properties ended up on our trashout lists months later.
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post #7 of 10 (permalink) Old 11-06-2012, 12:18 PM
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Funny you should mention that. We used to do insurance loss inspections for a lot of big lenders. We noticed that many of the claims were filed by owners who were in default on their mortgages. Some were bogus. Many of those properties ended up on our trashout lists months later.

AND think...the contractor doing the work on the "in default" home will be shorted on the final payout to pay for the loan payments that are behind.

Try collecting from the homeowner? Not a chance.

Put a lein on home? In my State a foreclosure "goes around leins" till the house is sold to a new buyer, than the purchaser has to pay the lein IF they want to acquire a loan BUT if the home is purchased by an investor with CASH then they don't have to payoff the lien. Basically the lein sits till someone buys with a loan. TIME consuming
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post #8 of 10 (permalink) Old 11-07-2012, 10:34 AM
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Most who stop paying mortgage stop paying insurance and taxes as well. That would rest on the bank.... Now, the question is, are they on top of it? I dont think so....
While that might be true. There are those who continue to pay it until they leave. Those are the ones that may benefit from it.
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post #9 of 10 (permalink) Old 11-07-2012, 10:34 AM
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Yes, if they are covered for flooding, which many are not.
That's where FEMA comes in.
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post #10 of 10 (permalink) Old 11-07-2012, 10:35 AM
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Yes, if they are covered for flooding, which many are not.
That's where FEMA comes in. Lord bless them. Lol
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