 I was approved for a home loan but need to come up with $30,000 for a down payment any ideas? |
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 Best way to argue with a landlord? |
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| We have just been served our eviction notice, the baliffs have only given is 10 days to get out. Went to the council yesterday to sign for temporary accommodation, but the problem is, we have 3 dogs ... |
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jimmy r | House in foreclosure * Real estate agent stopped by? |
Hi, my home is in foreclosure, today this real estate agent showed, saying he works for the bank where I got my loan from, he stated, he was checking if someone is still living here and he will come by in a week, for me to sign some papers, is going to offer my some cash, and I will have to leave my home in 30 days after that. Somethings smells shady, I got a feeling this guy , just wants to get my house for pennies, what do you guys think. Thank you.
Ps, By the way, I am planning on walking away from the house anyways, its way too expensive to get it back, If i do sign anything , I will say first make me an offer and cash is up front, if not no signing of anything, Im pretty sure, you dont have to sign anything even when you get an eviction letter lol. |
 |
 
RM
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Sounds like a scam, but I have to comment on your 'PS' part. You bought a house, signed papers agreeing to pay the price I'm assuming without a gun to your head- and you're just walking away because its too expensive to get back? Why is everyone so eager to just let the banks take the losses instead of keeping their homes? That is such an easy, chicken way out. Please make sure you don't ever purchase a home again once your credit clears in 7 years when you're able to do so, you don't deserve it after just handing your messy situation to a bank to take the loss. Very selfish. |
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Pat B
 |
Many banks have what they call a "cash for keys" program. The contact the person in the house and they offer them money (Normally about $1000) to leave the home sooner than the end of the redemption period and to leave it in good condition. It is a lot cheaper for the bank to do this than to wait out the redemption period and worry if there will be damage to the home. If this is what it is about, this is not a scam at all. Normally a local real estate agent is contacted by the lender to keep an eye on the premises so that the bank is notified as soon as the property is vacant. Then then can secure the premises and make sure it is winterized so there is as little damage as possible to the house. They will not give you the money "up-front" because the money they are offering is going to be contingent upon the condition you leave the house in.
If you are at all uneasy about it, give him a call and ask him to send you the documents that he will ask you to sign and that you want to take them to an attorney first. If it is a scam, you will never see him or hear from him again. If he does supply you with the papers, go see an attorney or someone very smart that you trust and let them look at the papers and advise you. |
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Dee
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With the economy the way it is many banks are hiring real estate agents to try and sell house for a "short sale". I would ask the agent who they were hired by at the bank and call them. As far as you getting money - you still walk away with nothing. |
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Amy O
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Does economic crisis mean anything to you? Is your loan with Fannie Mae or Freddie Mac? If I had the means to acquire a mortgage in the first place I would be doing anything to keep it. It must be difficult to have strangers knocking on your door, or calling your phone, or driving away with your car on a flat bed! Credit scores matter for everything and including getting some jobs. Just somethings to think about. |
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Maxine76
 |
I heard that the banks do not want Realtors to know how many foreclosures they are actually having. Thinking this over, I decided that this "intermediary" person doing short sales for the bank/or banks had to be cheaper to the bank than the costs of a Realtor doing the same.
That would be an aside from banks perhaps accomplishing some type of "tweak" on the numbers being tallied and disseminated to the public.
Irritates me to think that the Realtors are getting shafted by this "intermediary" person getting the short sales. Mr. "Intermediary" is also a long-time participator in investor abuse...so what does this tell you? |
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Nick O
 |
This is definitely a "Cash for Keys" offer. The agent is representing the bank who now owns the home. The will give you the money to vacate and leave the house relatively clean and undamaged. |
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Jennifer S
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The bank will never and I repeat never send someone to the house to buy it from you. Secondly just because he gives you cash (which I doubt he will) does not get you off the hook with your bank. The mortgage is between you and the bank. Sounds shady. But instead of running call your bank and ask them if they will take a deed in lieu of foreclosure. That will allow you to give the house back and salvage some of your credit. Good Luck |
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Real Estate Guy
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It's not a scam.
As distasteful as it is, the bank wants to make sure you are out of the house and don't trash it. They are willing to pay you money.
The realtor isn't scaming you nor trying to get the house for pennies.
However, you WILL NOT WALK AWAY. The bank will come after you for the balance owed (and fees) and the IRS will tax you on the loss as income.
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petttalz
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Did he leave a card so you can contact him? Ask him to leave the papers with you so you can review them. He may be lying about his ties to the bank and may have his own agenda, but not necessary an illegal agenda. He may want you to transfer title so that he can have rights to your mortgage note, and may use a Quitclaim. If that's the case, you could end up walking away with some cash for your trouble. Make sure it's a lot of cash though, like 10K or more. From what you've said, his proposed private agreement with you is not something that will help save your home, save your credit, or give money to the bank on behalf of your debt. That said, it's just an opportunity for you to have cash. Read the papers thoroughly and make SURE it's not obligating you to anything whatsoever. And if for some reason you change your mind about allowing your house to foreclose, DO NOT enter into any agreement with him. If I were you, I'd also very nicely ask him if he will teach you what he's doing. Trust me. |
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urmysunshine
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i just moved out of a house i was renting a room in, that was forclosed. legally you can stay like forever, but you will get harrassed, they are in the process of taking over the property so theyll probably offer you cash for keys if youre renting if you own the house or are paying a mortgage, legally they can kick you out in a day renters have more rights. there are all sorts of scams going on right now, where firms are taking over homes, and renting out rooms and such to make money but legally i think its wrong, but again renters have more rights. our names werent on any legal lease, so we could even chance an eviction but we didnt want any problems. i left the house within 30 days of the first realtor showing up, my roomates and i all came up on 500 each/6 roomates, but it turned out to still suck cause we all paid for storage and uhaul which costs us everything to move anyways. good luck
send me an email if you want more info...do you rent>>? |
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daeve930
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I would call the bank and ask them if they know who this guy is. |
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just
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DO NOT fall for it, it sounds like a scam, check out his firm, you don't want to end up oweing him and the bank, be careful |
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doinou
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It doesn't sound like you have too many options. You're the one screwing the bank. You can laugh yourself right out on to the street. |
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Purple
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It sounds like some sort of scam to me.
I would just look for somewhere else to live and let it be foreclosed on.
After the bank sells your home, pays off your mortgage, liens and attorney's fees you may get some money back.
For example your house is foreclosed on ...
The bank sells your house for 100,000
You owed 50,000 on your mortgage
The bank has incurred 10,000 in attorney's fees for your foreclosure.
That still leaves a profit of 40,000 which would be sent to you. |
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