AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question My best friend owns an apartment that she purchased using her mom's name. The loan in on her mom's name even though she has been making the payments. A few years ago she refinanced and bought her mom an apt. and paid cash for it. This apt is on her mom's and sister in law's name, but it is paid in full. Now a few years later she has lost her job, she has an adjustable mortgage so the payments have gone up consistently every year and to add insult to injury she was unable to pay her property taxes last year and they got added onto the mortgage payments. Her loan is for 219,000 and the apt is valued at less than 100,000. Right now her mortgage payments are $1600/month for a small two bedroom apt, and she has no equity. Because she lost her job she has decided to go into foreclosure, of course her mother will take the blow as the loan is on her name. My question is the following: if she goes into foreclosure can the bank come after her mom's other apt (it is her main residence#, and can they also come after her paycheck, etc.? I have read that she could also try a deed in lieu of foreclosure, but that she might have to pay unpaid taxes, etc. and she doesn't have any money. Her credit rating is poor, and as she is unemployed she would probably not be able to have the mortgage switched to her name. A shortsale could be the other option but the real estate agent has advised her against it as the apt is in need of a lot of repairs. Do you have any suggestions? she can't afford a lawyer #obviously) and her mother will not help her financially.
I really appreciate any help you may provide!
Answer There have been many new laws introduced to help home owners in this situation. Search the Internet in your area to locate a consumer group or organization which can assist you. Search the city name and key words such as MORTGAGE ASSISTANCE or FORECLOSURE ASSISTANCE. Here are some links which may help.
Try to stick to links ending in .gov these are government agencies which lead to a list of groups in your area which can get you going in the right direction.
