You were wise and put in the work while holding a paying job to earn a good return on your investment. Some people thought they coud get rich without the effort and a steady income and it worked while the real estate market went wild,but not recently!

The subject of my original post is still uncertain,but the bank finally did foreclose although with no advertising before an "auction" . I don't quite understand unless they realized that no bids would approach the mortgage amount and this way their books can show a higher"value".

Karl

More important, methinks, is: "IS AARP doing ANYTHING about this foreclosure issue?" Thousands are talking about cost of health care, which is appropriate of course, but there are those of us in our mid-to-late 60s, who are okay health-wise (thank God), but who are about to lose our homes.

Just how big is this organization? Apparently AARP helped turned around some health initiative that would have helped people -- had dinner with a brilliant friend last night who refuses to join you for that reason -- as does my former quite amazing mother-in-law. So WHAT is being done about the housing issues? 

If one is homeless, your health issues are going to be exacerbated dramatically. I don't know if you have looked around, but most major cities have Tent Villages under their freeways -- and they are not a sign of the times. They have been there for at least a decade that I know of.

There is greed in turnovers.

However, everything is in the "eye of the beholder" as they say. You can benefit from Robert G. Allen's theories without screwing anyone.

Without Robert Allen, I'd still be renting. His ideas and his boldness gave me the courage to get into real estate as a single mom about 20 years ago. My rent was being increased from $1200 to $2500. I thought "this is stupid." Read Robert G. Allen's "No Money Down," which was good 'cause I didn't have any money then. I had a long-standing stable job, good income, and told my real estate agent, "I don't care if it's the town barn. I just need running water and electricity." This is a "be careful what you wish for story." She did, in fact, find the town barn, which was in bad shape but built of solid old growth Redwood and in a superb multi-use zoned location in a sweet California town.

I went in with no money down, got $13,000 cash back to get the "barn," which had been grandfathered into a duplex, up to code. This was the sweetest real estate deal I ever made. For three years, my daughter and I lived in the 750-foot upstairs unit and rented the downstairs 1,000 square foot unit to a couple of quiet whack-jobs. I worked every weekend for three years on that property (with the help of a wonderful brother). When my daugher graduated from highschool and moved to San Luis Obispo for school, I sold the home . . . which I had transformed into a lovely living space -- so much so that the inspector didn't recognize it from his first inspection. He said, "I've never been here before."

I did realize a nice profit. But, believe me, I earned it -- two people in 750 square feet is a bit rough, especially when one is a teenager, and weekend labor while working and commuting is also a task. I'm quite sure that anyone seeking a quick few thousands will have to do a great deal of sweat equity before realizing that return.

Re "claims beyond the mortgage balance," if you have no money, you have no money. I don't know what banks will be going after if someone loses their home.

Some County Tax Assessor's in California have been pro-active and have automatically reduced the value of the property, lowered the taxes, and sent out notices. I have one. If you are upside down, contact your County Tax Assessor. They are good people and they get this done in a matter of weeks.

I still completely believe in real estate as an investment (even though I am upside down and in danger of foreclosure). I don't completely believe where we are now in our real estate is a result of greed, except from loans that should not have been granted because of insufficient means. I had what was a decent loan and made substantial income (confirmed with tax reports -- NOT stated), but due to illness, a broken water main, and loss of a job, everything went to Hell and my bank -- Wells Fargo -- doesn't really care, so it seems.

I have a 90-year history of counties in California that show ongoing growth -- a few dips here and there, but it goes up again. America's population is scheduled for growth until 2050, when it flattens. Income hasn't grown appropriately (according to real estate value -- and the cost of cars for that matter) for most of us. We could benefit from thinking housing as "multi-generational sanctuaries," which is how I purchased my home. My daughter is my neighbor in the in-law unit. When she marries and has children, we switch houses.

Gotta go. Phone rang.

Apparently in NH the mortgagor doesn't have to publish another public notice to hold an auction after the first one is cancelled! This could go on indefinitely with the mortgagee still responsible technically for maintaining the property,I guess.

Karl

In NH  I don't think the courts set the foreclosure sale date because the public notice appears to come from lawyers for the mortgagor. A sale was cancelled and a new date set but no public notice seems to have been made after several days beyond the original sale date!

My question about bankruptcy had to do with if a bankruptcy has 'cleared" all unsecured debts how can a mortgagor attach assets ?

Karl

In regards to the comment re: public notice of sale, it is my understanding that when the court sets the date the mortgagor is obligated to follow the order and has no discretion in the liquidation of the asset.  In regards to the Ch. 7 comment, I am under the impression that we were talking about foreclosure proceedings and not about bankruptcies which is a total different area of discussion.

A chapter 7 bankruptcy only leaves certain possesions to the one who goes through the process so there are no assets to be attached I think.

How many times can A mortgagor change the sale date after the public notice of sale?

Karl