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 Here is the situation- my father purchased 2 pieces of land in the hopes of building on them. This did not happen. These pieces of property are now worth about 4-8k when they each were purchased for 35-40k.Quit paying on the loans and is attempting to short sell the properties. He quit paying a little over 180 days after losing his job.Just started get contacted by the recovery team at wachovia. They said they can't file forclosure on these properties because there is no equity. They said if we do not settle it will be charged off on the credit report and either be sent to a collections company or litigation. is this possible? If so do we try to bargin with the bank to chop the principal and refi the loan? I felt as if this was a technique they use to get money from the client. Any comments would be welcomed
Answer I am a licensed real estate agent in the state of Wisconsin. You should seek legal advise from a local attorney.
The programs you are referring to are designed to help people with the primary home. I do not think there are any programs for investors. My guess is, the government would consider this an investment.
Or search, "foreclosure help from government". Make sure you look at only web sites with the .gov as this will take you to government sites. Who knows what these other sites will lead you to.
To find out the rights of the lender, the contracts will have to be reviewed. This may also give you some suggestions on how to handle this situation. The lender may not be obligated to help you but they may not want to add to the increasing inventory of property they already have. On the other hand, the government bailout may actually entice them to take the property and recover the loses from the fund they received in October of 2008. The sad part of this situation is, the lenders have options to help you, or to look out for themselves. It would be interesting to find out exactly what incentives this government fund offers the lenders to foreclose on a property and compare it to the incentives offered to help tax payers. I wish there was a way to track the numbers and find out how many people the lenders helped and compare that to the amount of money they received for foreclosing on properties.
