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Foreclosure/Questions
| Subject | Date Asked | Expert |
| property lien from divorce | 1/28/2012 | Steele V. Propp |
| Q: My ex and I agreed that within 2 years he would pay off a lien I have on his property. It was during ... A: I am not an attorney so please understand that this is outside my expertise. But I don't believe ... | ||
| Fannie Mae | 1/24/2012 | Dennis Herman |
| Q: the house has been removed from the listing website. The house is supposedly in a term called ... A: My guess the property will be bundled in a package and sold to another bank, or asset manage. This ... | ||
| 2nd Loan foreclosure | 1/10/2012 | Steele V. Propp |
| Q: I am current on my 1st loan, but due to some unexpected hardship I fell very behind on my 2nd loan. ... A: While a second mortgage can foreclose this is a lengthy process. There has to be remedies to this. ... | ||
| bankruptcy & forclosure auction | 12/22/2011 | Brian V. Lee, Esq. |
| Q: I reside in a judicial state & my home was scheduled for a foreclosure auction on Monday. I needed ... A: Whether you file Chapter 7 or Chapter 13, the automatic stay prevents auction at foreclosure. The ... | ||
| Sale in foreclosure | 12/14/2011 | Steele V. Propp |
| Q: Taxpayer sold home on short sale (no equity), but received an 'incentive pmt' from the mortgage ... A: I am gong to need some clarification as your comments contain two sentences that contradict each ... | ||
| Loophole that prevents mortgage account from defaulting? | 12/14/2011 | Dennis Herman |
| Q: ) I have heard (as it pertains to other types of property under a lien/loan of some type) that as ... A: I am a licensed Real Estate Agent in the State of Wisconsin, I cannot answer legal questions. To ... | ||
| Foreclosure | 10/29/2011 | Dennis Herman |
| Q: I am foreclosing on a vacant piece of land, 5 acres. The guy I sold it to brought in 11 huge office ... A: Better check with your attorney. I do not work in the rental segment of real estate, but in our ... | ||
| short sales | 10/27/2011 | Steele V. Propp |
| Q: First, thanks for your time. I'm currently 5 years into a 30 year fixed at 6.1%. I bought at ... A: This situation is somewhat dependent on state statutes on ownership of real property. Here in my ... | ||
| Notice of intent to accelerate | 10/15/2011 | Steele V. Propp |
| Q: hey Steele, Btw, what is the difference between judicial and non-judicial foreclosure? My ... A: From what you are saying it would appear that you are back in foreclosure. I would be in direct ... | ||
| Quiet Title Action/ Verified Complaint | 10/12/2011 | Steele V. Propp |
| Q: I have 2 condo mortgages I am current on. Values have declined 50% since 2005. I have been reading ... A: If you are going to challenge ownership of the mortgage you will need the help of an attorney who is ... | ||
| Should I let our rental property go to foreclosure | 10/3/2011 | Steele V. Propp |
| Q: My wife owned a condo in Atlanta before we were married so we are now landlords. The condo is still ... A: Foreclosure is always an option. If you don't pay the lender will eventually take the property ... | ||
| foreclosed property | 9/21/2011 | Steele V. Propp |
| Q: It's been suggested to me that they took out a second mortgage on the property. If I purchase it at ... A: If you feel comfortable doing some research you can contact the county in which the property is ... | ||
| Collection agency is after me to pay the 2nd (piggyback) loan. | 9/17/2011 | Steele V. Propp |
| Q: Propp A collection agency is trying to collect payment from the 2nd piggyback loan of a ... A: Mel, I don't claim to know each and every state staute but as I understand it the Debt Forgiveness ... | ||
| BOA loan mod | 9/12/2011 | Steele V. Propp |
| Q: We are applying for a loan modification at BOA. We've never missed or been late on a payment, but ... A: You may have misunderstood me. Loan modifications are not a hoax. Rather that there are scammers ... | ||
| Deed in Lieu | 9/4/2011 | Steele V. Propp |
| Q: Our mortgage with HSBC is underwater and I anticipated that we would not be able to make the payment ... A: Sorry for the delay, was out of office for a brief vacation. In my non-lawyer opinion I would say ... | ||
| Foreclosure agent | 8/30/2011 | Dennis Herman |
| Q: We may have to relocate to Illinois in the next year or so. My question to you is how do you find a ... A: I prefer to work with agents who are tech savvy. I can find these agents on web sites such as ... | ||
| Foreclosure Fannie Mae Home | 8/18/2011 | Dennis Herman |
| Q: My husband and I put a bid in on a foreclosed home, bank counter offered and we excepted. The agent ... A: If you were selling your house which offer would you take? Buyers have got to stop listening to ... | ||
| notice of intentions to foreclose | 8/13/2011 | Eric Friedman |
| Q: I just received a letter of intentions to foreclose from my second mortage company, which is in PA. ... A: Teri, Here is what I advise. Stay current on your first mortgage. Your 2nd mortgage should ... | ||
| Real Estate Opportunities | 8/10/2011 | Dennis Herman |
| Q: My name is Rashad. I have invested in real estate for a living a few years back. I am in the ... A: Sorry for the delay. It takes money to make money. Less than $5000 will not get you very much, ... | ||
| Real Estate Opportunities | 8/10/2011 | Steele V. Propp |
| Q: My name is Rashad. I have invested in real estate for a living a few years back. I am in the ... A: What I would do is to join the local real estate investor association in your area. There you could ... | ||
| Foreclosure auction | 8/3/2011 | Dennis Herman |
| Q: I need to buy a house for cash.I need a recommendation what would be the best?I saw listings from ... A: I do not deal with auctions, they do not lay a commission. Check out the local county web sites on ... | ||
| FHA loan | 8/1/2011 | Dennis Herman |
| Q: Bought a home In Az purchase money only in 09. FHA loan. I did notice it does say in contract that ... A: I'm really not qualified to answer this question. I am a licensed real estate agent in the state of ... | ||
| Want to Sell Before Foreclosure | 7/28/2011 | Eric Friedman |
| Q: I co-own a family two flat building. Unfortunately, we are not able to pay the mortgage anymore ... A: YES...Contact the bank and inform them of everything. If you have only missed a payment or two, you ... | ||
| loss of house/property concurrent with foreclosure | 7/25/2011 | Steele V. Propp |
| Q: My home has been in foreclosure for over 3 years. My spouse borrowed money he was unable to repay ... A: If the house is damaged or destroyed I would think all proceeds would go to the party paying for the ... | ||
| Buying foreclosure homes | 7/19/2011 | Eric Friedman |
| Q: When seeking foreclosure homes, is it possible for me to have an independent home inspector to ... A: Yes. If you are looking to buy a property that is active in foreclosure but has not gone to sale, ... | ||
| HAMP | 7/14/2011 | Eric Friedman |
| Q: :) My husband and have had a condo 22 years here in Chicago, IL. The mortgage was refinanced four ... A: Connie, Normally I would tell you to put part of the inheritance toward the mortgage delinquency and ... | ||
| Short Sale | 7/7/2011 | Eric Friedman |
| Q: My husband and I have been trying to sale our Town home since August of last year. My husband was ... A: Emily, Don't give up just yet. You may have jobs now, but depending on how delinquent you are, you ... | ||
| Purchasing Foreclosed Homes | 7/6/2011 | Eric Friedman |
| Q: I am in the Market to buy a new home and have been looking at Foreclosed homes. Is a foreclosed ... A: There are several benefits in purchasing a home that is currently in foreclosure, but there are also ... | ||
| Lender Foreclosure Filings | 7/6/2011 | Eric Friedman |
| Q: Does the Lender have to go through the court system prior to foreclosing on homes? A: The foreclosure process that the lender must follow really depends on the state foreclosure law ... | ||
| Foreclosure | 7/6/2011 | Eric Friedman |
| Q: I am approximately 90,000.00 upside down on my mortgage and am considering a strategic default. I ... A: Vicki, Anything is better than a foreclosure. The deed in lieu will have a negative impact on your ... | ||
| Short sale vs REO | 7/5/2011 | Eric Friedman |
| Q: I am looking to buy a house and I think distressed assets are a much better deal than traditional ... A: Steven, According to Realty Trac the difference between a retail home sale and a distressed home ... | ||
| Foreclosure or short sale? | 7/4/2011 | Eric Friedman |
| Q: I am considering a foreclosure or short sale on my property but I am not sure which to pursue. I ... A: Jini, This is a tough one. If you are financially able to make the payments, the bank will not ... | ||
| Buying back my foreclosed home | 7/4/2011 | Steele V. Propp |
| Q: I bought a single-family home in Palm Beach County, Florida in 2006. My mortgage payments were made ... A: Sorry this took so long. I was gone on a business trip and just saw your question. To be honest a ... | ||
| Buying back my foreclosed home | 7/4/2011 | Eric Friedman |
| Q: I bought a single-family home in Palm Beach County, Florida in 2006. My mortgage payments were made ... A: Patricia, I am sorry for this experience. There are a couple angles here that I would explore. 1) ... | ||
| foreclosure on the house i am renting | 6/29/2011 | Eric Friedman |
| Q: I was served on (2/16)with papers Bayview Loan Servicing Company vs. (my landlord) as unknown ... A: Kim, As long as you have a signed lease agreement, you should will fall under the guidance of the ... | ||
| Foreclosure | 6/29/2011 | Eric Friedman |
| Q: How long does a foreclosure stay on your credit report? A: Tonia, The Fair Credit Reporting Act allows the legal action of foreclosure to remain for 7 years ... | ||
| To sell or not to sell? | 6/28/2011 | Eric Friedman |
| Q: If an income problem was only temporary and everything is back on track, does one still need to sell ... A: Nat, Selling the home should only be the last option you consider if your hardship has now been ... | ||
| IRS Liens | 6/28/2011 | Eric Friedman |
| Q: Is it possible to get around IRS or other liens on a property and move forward with a short sale? If ... A: Adam, IRS liens do have a priority lien status, which means they are due at any and all times. The ... | ||
| Timing on Short Sale for Approval | 6/28/2011 | Eric Friedman |
| Q: How do I know when it is the right time to try and initiate a short sale with the bank? Where in the ... A: The best time to initiate a short sale is when you know the following: 1. That your financial ... | ||
| foreclosure question | 6/28/2011 | Eric Friedman |
| Q: What are the advantages/disadvantages when buying a short sale property versus a foreclosed ... A: Nathan, There are several benefits in purchasing a home that is currently in foreclosure, but there ... | ||
Foreclosure
Answers by Expert:
Steele V. Propp
Top Expert on this page
Expertise
Can answer questions on all areas of the foreclosure process both judicial and non-judicial. Also on loss mitigation and foreclosure prevention including loan modification, short sales and deed in lieu of foreclosure. Also can assist with questions on purchasing property in foreclosure and already bank owned (REO, Real Estate Owned). Both as an investor and/or a homeowner.
Experience
I have 18 years of working with the foreclosure industry as a Foreclosure Specialist. Currently work with over 20 major lenders as well as a dozen asset management companies. Head up the Bank Owned Property Division of the Schatz Real Estate Group located in Minneapolis, MN. Regularly consult and advise consumers from across the county.
Organizations
I belong to the Realtor Association at the National, State and Local levels. Also the Real Estate Investors Association. The Real Estate Educators Association. The National Association of Real Estate Consultants. The Short Sale Specialist Network. As well as number foreclosure related industry organizations.
Publications
Consumer Reports, Money magazine, Consumer Digest and many local and national newspapers.
Education/Credentials
Bachelors Degree work in Psycholgy and Economics.
Masters Degree work in Counseling
Over 15 real estate designations.
Specialized ongoing study of foreclosures, short sales, mortgages and real estate.
Awards and Honors
Diamond Award from the Certified Residential Specialist (CRS) origanization.
Chapter of the Heart as President of the Minnesota CRS Chapter.
Consumer-Certified Real Estate Consultant
Certified Distressed Property Expert
Past/Present Clients
GMAC Asset Management, First American REO, HomEquity REO, Keystone Asset Management, Greentree, REOWorld, ServiceLink and more.
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