Aintitthetruth asked: I live in a house where it might be facing foreclosure. I live with my uncle and his brother handle the finances. His brother is a liar and all the sudden says we are 4 months behind in payment and its going to be in foreclosure soon and after that it will be 30 days until evicted. Is that true?
Posted by admin on 21 Apr 2008 10:53 am. Filed under
Renting & Real Estate.
D S asked: I am a recent graduate of a top ten law school. I withdrew myself from being considered at BIGLAW firm, and have been trying to get into real estate development. I am studying for the bar now, but was wondering if an MS in Real Estate Development would be worth the money. I will have close to 500k to start investing; however, this is all of the money that I have, so I don’t want to blow it.
Posted by admin on 20 Apr 2008 2:39 pm. Filed under
Renting & Real Estate.
jd asked: Our landlord has not told us the home we rent is in foreclosure. I found out through notices addressed to him in the mail and through a website listing our home in foreclosure. As it is we pay rent a month in advance and have decided to pay on time instead so that we do not lose a whole months rent if asked to leave. Sorry to say we do not trust our renter because he has not been honest with us. When this home sells, how long will we have to find a new place? Also, shouldn’t the bank be getting our rent money…especially if rent is more than his mortgage? I am really just concerned about what this means for us and options available? Anyone ever been in this situation?
Posted by admin on 20 Apr 2008 1:16 pm. Filed under
Renting & Real Estate.
dustin h asked: What are some of the repercutions of a foreclosure? Will I be able to rent a place if my house is foreclosed on? Will I be asked to pay the remaining balance on the loan of my house?
Posted by admin on 20 Apr 2008 10:12 am. Filed under
United States.
sdmike asked: If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure?
Please don’t answer if you are just guessing – I can do that on my own 
Posted by admin on 20 Apr 2008 2:29 am. Filed under
Renting & Real Estate.
Team Hall asked: I want to get my license to do commercial and residential real estate apprasials, but I am worried about the current real estate market. Is this still a good career to pursue, or is the market really ending for this type of business? How much money do appraisal workers make annually? Thanks for any info!
Jess asked: I just tried to do a short sale but my 2nd mortgage lender wouldn’t accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged.
If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism?
Could I be liable for damage to the neighbors property from the water seaping into their walls?
Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss?
No insurance, not investment property, the property has been secured. The flooding was due to the vandalism, someone went into the property, plugged up all sinks and turned on the water. It was apparently on for days. I just found out since I live somewhere else now. A police report was filed but it was by the HOA, I have to order a copy in the mail. I know the water has been turned off but the place has been soaked for days. The upstairs soaked the floors so much that caused damage to the downstairs ceiling. It is just awful, so I hear.
I think finding a real estate attorney is a good idea, I will likely oblige. I have a bankruptcy attorney in the family that has been trying to help me (a little) but I should probably find someone that specializes in real estate.
The 2nd mortgage is for $85k, and I have $0. No choice but to foreclose if they refused to take the short sale offer.
Posted by admin on 19 Apr 2008 9:59 am. Filed under
Law & Ethics.
Claudia B asked: I am asking this question because of a friend
and she is trying to become an agent in Real Estate in North Carolina. Will she have to seal her records in order to do it.
Posted by admin on 18 Apr 2008 5:39 pm. Filed under
Renting & Real Estate.
Tosin o asked: I am 22 years old and looking to get in the commercial real estate industry, preferably the leasing aspect. What would be fundamentally required for a person as young as me to be even considered for a job in a large commercial real estate firm? Considering I have a real estate agents license, what else would be needed or would interest a company in hiring someone so young? In other words, how can I get my foot in such an industry, thus giving me a chance to work my way up?
Mikey4u asked: I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?
