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Guest

Guest,

Let’s just point out how ridiculous I am. I ran into the same problem, the bank re-foreclosed on the home and I am back under contract 3 months later with a house that is worth $300,000 and I am only paying $200,000 when you probably paid 25% more for your “non-foreclosure” home that is more than likely worth just as much as you paid for it.

Best Regards,
B-L

Posted: Fri Sep 11, 2009 5:18 am Post subject:

Dear BL,

Buying a home that's actually worth what I paid?! Gasp! You mean I used the realty system like every other *real* buyer in the market? If that makes me stupid, then throw me the dunce cap. Keep in mind that even without buying a forclosed home, it is still very much a buyers market and no one is buying a home at its assessed price.

Let's all hold hands and realize that how you got your home is by no means normal, nor should it be expected by anyone. You bought a house worth $300k, great for you. It's shocking that you really think that means anything. 300k in MA doesn't mean that much. You'll be paying taxes for a home that's worth 300k and if you go to the assesor to try and get them lowered, you're just taking more money from the city/town and contributing to an already trashed city/town budget. Good for you!

Posted: Fri Sep 11, 2009 5:31 am Post subject:

Dear BL,

Imagine that! Purchasing a home for what it's really worth! Wow! What a revolutionary idea!

Get off your high horse, a $300k home in MA doesn't mean much.

Guest

Dear Guest 1 and or 2:

No need to be rude. You are obviously not on this blog to lend any helpful information other than to belittle those of us who have made a concious decision to wait this out. I for one do not need to be ridiculed and be told by YOU to move on. I am well aware of my situation and will decide when I am ready to move on or NOT.

Let me clear, CRYSTAL CLEAR! if you are not involved in this mess than PLEASE be kind enough not to render your opinion, as it does not matter. People use this forum to share helpful information for others that are in the same boat. We also use it to better understand the full situation.

Thanks for you not so kind words. Next time keep them to yourself.

Kindly
Gmorin!

Guest

Hi BL,

I'm glad to hear that you have a new contract on "your" home. Can you tell us a little about how this process worked? Did the home actually go up for auction again? Did the bank/owner give you any kind of guarantee that you would get the house after the reforeclosure?

Honestly, I don't know why the bank I am dealing with hasn't reforeclosed on "my" house. I'm still under contract (since February 23rd) and am hoping the judge will make his decision and allow these sales to go through. I'm afraid that if it does go to reforeclosure that I might lose the house to another bidder.

Guest

Okay, so i guess 100k in equity doesnt mean much.

Anyways, Peter the entire process took 3 months.Unfortunately, the house legally does have to go back to public auction. You will see the property in your local newspaper for three consecutive weeks before the auction date. The bank did not give me any kind of guarantee but I wouldn’t worry too much about losing it at auction as the bank reserve is typically what is owed on the property. In my case the amount owed was $360k, found this out at the registry of deeds. When the property sold back to the bank I had my realtor write up another offer with the same purchase price and he submitted it over to the realtor representing the bank. Two weeks after the auction date I was notified that my offer was accepted. My recommendation to you Peter is to contact the attorney’s office who did the foreclosure on this property you are under contract with; all you have to do is go down to the registry of deeds “Some towns have records available online” and the foreclosure deed will state the attorneys name. Your home might be in the process of being re-foreclosed and you may not even be aware of it. When I contacted the attorneys office for the first time the re-foreclosure process was 50% complete… the down side to all this is no one will tell you the home is being re-foreclosed we have to find out ourselves…

Best of Luck Peter!

Regards,
BL

Guest

I can understand all the frustration this has created. Buyers are seeing their lives put on hold, their expenses and cash outlays placed in jeopardy. Lenders are unable to liquidate their assets since ownership is called into question. Municipalities, in the face of financial hardship, aren’t quite sure where to send the tax bills. Those associated with the foreclosure process, attorneys, realtors, contractors, are laying off staff at a time when unemployment is rising. Properties are deteriorating due to deferred maintenance thus impacting property values in entire neighborhoods. The economic, social and emotional impact is significant. While some posters would seize the opportunity to ridicule those in the midst of all this, I don’t see that as appropriate or constructive. Indecision on the part of Land Court is also not appropriate or constructive. We may all feel that we’re waiting in a long line and at the head of that line hangs a “gone fishing” sign. It’s time to hang up the fishing pole and get back to the business at hand. I really believe that any decision will probably be appealed. Hopefully once the decision goes to the next level it will be handled with the requisite sense of urgency. Rather than generating 15 minutes of fame, this dilly dallying approach is generating an extended period of scorn. Perhaps contempt of court just took on a new meaning. Regardless of how this ruling shakes out, I’ll survive. I’ve been in REOs for 17 years and have weathered the storms before, not many with the magnitude of this, but some just as ridiculous. Rome is burning and Nero continues to fiddle. And….like Nero, judges aren’t elected. There comes a time when you lay the fiddle to rest and pick up the hose. Indecision is not an option. I believe most of us involved in this fiasco see its’ importance…now if we could just convince land court…..

Guest

Hi Everyone, here is the latest from Scott Smith at Judge Long's office! Looks like there may be some light at the end of this long, dark tunnel.

Good Morning Peter,

This is the latest scoop. I spoke to Judge Long about the case. Our end of quarter date is October 16th and the judge listed the decisions he wants to get out prior to then. Ibanez should, barring any catastrophes on our end, be out well in advance of that date as there is another decision he wants to issue prior to 10/16, but only after Ibanez has gone out.

I know he's been working on it and a decision could come as soon as late September, but more probably in early October. If you write back maybe later next week I'll check again. By all means if I hear it's going out before then, which is possible but unlikely, I'll notify everyone who's been in touch with me. Thanks.

Sincerely,

Scott
Scott A. Smith
Sessions Clerk to the Honorable Keith C. Long
Land Court Department of the Trial Court
226 Causeway Street
Boston, MA 02114

Guest

Hopefully we will all be better people for having been through this! Even those who are unaffected, somewhat indifferent to our plight...

We are still waiting on the Short Sale (2nd much more expensive house)....its hard, very hard living in limbo....we all just want to purchase homes...

Lets hope Judge Long really does get that decision out the door with a quickness...our lives have been changed by this decision...

Also havent seen the DREAM HOME in the paper or anything filed with the Registry of Deeds....frustrating that they have not moved on it at all!

Good luck as usual!

Guest

If Judge Long comes out with his decision shortly (which according to Scott Smith, he should) and it allows the sales of these foreclosed homes, you might want to contact the sellers of your "dream home" and make the same offer you had before. (If you haven't already committed to the "short sale" home). Hopefully this will be resolved for all of us in a week or so! Peter

Guest

Sorry. Last post was to Blown Away not BL. Smile

Guest

Hello everyone,

I sent an email to Scott Smith for an update. He advised me that he spoke to Judge Long yesterday morning and he is going to have his decision completed by end of next week. Scott is willing to fax a copy of the decision to those who are interested. If you want to send Scott an email with your fax number he will fax it once it is ready. Let's hope that the Judge sticks to end of next week!

Guest

Anyone heard from the ever elusive Judge Long!!

Peter, we are doing exactly what you said if the Judge writes his decision in such a way that there is no need for appeal on either side....we will contact the original bank on the "dream home" so long as we are not fully committed on the short sale......which we are not as of today.

I just hope the title insurance companies get the decision, and feel comfortable enough with the way its written to start writing policies again.

If anyone hears.......of course much appreciated. I am going to email Scott on Monday....I am sure he is done with us.

Best to all!

Guest

Good morning Blown Away,

I did hear from Scott yesterday. The judge is taking the weekend to finish writing the decision and will have something to us early next week. We'll see. I'm hoping best case scenario by end of next week but Scott has reassured me it should be no later than Wednesday. He mentioned that it is "ever so close now" and apologized for not getting a decision to us this week.

I'll post any more news I receive. I have on my outlook calendar to email him again on Tuesday.

Guest

Thanks gmorin, appreciate the update....fingers crossed it issues clear and title insurance companies feel good! HA!

Thanks again!

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A recent Land Court Decision Affecting Foreclosures in Massachusetts