I’m looking to buy a Bank Repo home in California. What are some pitfalls to avoid? I’m particularly interested in learning whether the 2nd mortgage has any claim, or does it get washed off automatically? if so how can I confirm that is true with my case?
I had a mobile home repo’d in 2001. I was never contacted by the company for the difference after the sale at auction. So I never worried about it. I’ve since found out the dept was sold to a collection agency after the auction. Again, no attempts to collect for 5 years. Now I get a letter saying pay in full or legal action will be taken. How does the statue of limitations work with this? Does the statue start at the time of the default on the loan, or at the time of the sale of the dept to the new company? The original creditor is not reporting to the credit bureaus, but the collection agency is? I live in Illinois, and the statue is different for contracts vs. collections? Does the signed contract for the mobile home purchase still stand, even though it’s with an entirely differnt company now?
I want to trade up and will put a 5% down on the repo home, but they need to take my current home for its loan amt. Is it possible?
I was told that home repo’s need clean out or cleaning before sale or show . Is there a demand for this . Also considering after new home construction cleanup .
this man came over to my friends house today with a tow truck and said that his dad is voluntary repossession our car and he doesnt want to return it because he wasnt from toyota. and then he said he would call the police then drove off and hid in a street a couple blocks away.he said hes going to “called the police” but they never showed up.
then his dad told the guy with the tow truck to tell toyota to call him and some other guy called him and siad he was from toyota
his dad said to read his pin or something to verify he was from toyota and got it wrong.
this man came over to my house today with a tow truck and said that my dad is voluntary repossession our car and he doesnt want to return it because he wasnt from toyota. and then he said he would call the police then drove off and hid in a street a couple blocks away.he said hes going to “called the police” but they never showed up.
then my dad told the guy with the tow truck to tell toyota to call him and some other guy called him and siad he was from toyota
my dad said to read his pin or something and got it wrong.
We are currently living in Perth, Western Australia but are moving back to England at the end of July. My parent’s have been looking at houses on the internet, last week they found one. It’s a repossession and we are a cash buyer, we asked family and friends to go view the house on our behalf which they kindly did, the estate agent they spoke to said ” No issue us buying the house from overseas as long as we could prove the funds etc” but when my dad spoke to another estate agent within the branch, he was told ” We are not allowed as we haven’t viewed it” We then phoned back a day later to place an offer and spoke to the same guy who was still adamant that we could not do this, a family member then went into the branch and put in an offer on our behalf after an argument had occurred. We later found out that the offer had been rejected but believe it never went to the owner as it was £11,000 over the asking price and at least £7,000 over the previous offer, correct me if I’m wrong but wouldn’t the owner accept a higher offer? isn’t it in their interest to get as much money as possible for the property?
We then got in contact with our solicitor who said “There is no issue with buying a house without viewing it” so he then kindly phoned them and was told the exact same thing, We told them ” We could prove where the money came from, would send over Identification and a statement showing the funds” This still isn’t good enough for them, our family member even offered to buy the house yesterday but was told no! Our solicitor is trying to find out who the owner is then try direct contact with him/her, apparently contracts exchange on Friday!
My mum has also spoke to two different estate agents within the town as was told “No you don’t have to view a house in order to buy it as long as you can prove the funds etc”
Personally believe an underhand deal is going on!
Is this particular estate agent breaking the law in anyway? Doesn’t all offers have to be presented to the Owner, regardless? Why is this estate agent so different to all the others?
We already have plenty of stress with moving to the other side of the world in a few weeks, we don’t need anymore over buying a house,
if anyone could please provide any information that maybe useful, so we can try and understand this bizarre situation, i would be extremely grateful.
Thank you x
In the states of Nevada and Arizona, if a home is repossessed, will the bank go after your money in order to make up for the loss of a short sale? What effects will it have?
Time to change out of date and immoral house repossession laws in the UK. If the banks want your house they should pay full market value for it. … Repossession Repossessed Gordon Brown David Cameron Financial problems UK England
l lost my family then my job then seem like every thing just went down hill from that,now that im stable again i need to find another house for my family now that we’re together again but my credit ie ruined
than a Bank or financial institution which should be paying up anyway since they lost the case So whats the solution Mike ? Going to do something about that and see that people get legal representation or what ? How about freeing up the legal services market and seeing to it that people can get someone to represent them in court for less than the cost of an arm and a leg … Govan Law Centre Mike Dailly Mortgage lenders house repossession lawyers law society of scotland Scottish National Part …
