Foreclosure Q & A | foreclosureorder.com

Your Questions About Foreclosures

Lizzie asks…

Foreclosure Questions?

Okay, so this is worst case scenario, but I have to know what the consequences are – if anyone knows :)

I live in FL, we have a rental property, I may be out of work, in 2 days (yikes!) and we are going to do everything in our power to make things work and hopefully SELL the house for cheap and get out from under it, but in this market, it’s propably going to sit for a while. IF there comes a time that we are just unable to afford it and let it go into foreclosure, other than totally ruining our credit, what else can they do to us? Can they put a lien on our home we live in? What happens???

The Expert answers:

As far as I know (and remember local laws very). First they have to sell the property, then they apply the money from the sale to your debt -in theory this pays of the mortgage and any money left over after paying all your debts (property tax, water, etc) is given to you.

If your house is not worth as much as the debt (which is realistically a very bad situation to be in) then they will sue you for the remainder.

Richard asks…

Are there a number of folks foreclosing and getting into a new house? And what about the rest of us?

I have a good friend who’s currently in foreclosure proceedings for a townhome, but he just recently signed to get into another house. I’m not sure how he was able to do it since we’re both single and make about 45k / year. His new mortgage is slightly lower but he has two roommates who are paying $800 / month. What are the consequences of actions aside from these? And how will this action affect the rest of us? I live in California, was recently asked to relocate for my job to Texas and keep the same pay but passed because I couldn’t leave my family and friends. I currently rent an apartment but would like to invest in a home one day. I’m 31 and single, but I feel like my slim chances at ownership exist through marriage. I’d rather not rely on friends or roommates to help make a mortgage, and shouldn’t look to marriage as a means to an end either. Thanks for your time folks. Happy holidays.

The Expert answers:

There are some individuals that are willing to take a risk, apparently you are not one of these individuals.

The contract you sign with the lender does not indicate you can not charge a person for renting one of your rooms, nor does it indicate what you may charge a person for renting one of your rooms. Your friend is taking a calculated risk that could be very prosprous for him or back fire on him. It looks as if it is working for him presently.

It would be the same as if a person purchased an apartment as an investment property. The idea is to get some others to assist or pay the mortgage for you.

Things are a bit cheaper in Texas than California as I reside in California and have a sister living in Dallas, She decided to rent there, and from what she has there at $450.00 per month would cost about $1,500 in California.

That is a decision you made because of your wanting to be with your family and friends. You have to make decisions that make you feel comfortable.

Marriage is a pact between two individuals that physically, financially and socially bind them together. So to have a marriage partner assist in the purchase of a home is very a good idea and not uncommon in todays society.

You have to remember that life is a challenge and how you handle the challenge as well as the risk you take.

Remember a formula I learned long ago

A risk+ a plan =Success

I hope this has been of some use to you, good luck.

“FIGHT ON”

Sandy asks…

foreclosure, bankruptcy?

please help me

looks like one house i own is to be on a foreclosure. should i let it be? what’s the consequence other than credit…? what type of bills am i looking at?

should i bankrupt? how do i do all these? this is a mess.

The Expert answers:

Is this your only problem or do you huge credit card and or medical bills hanging over you. If this is all, you may be able to sell the house in a hurry at a reduced price. If you owe more than it is worth, you could sell it at a short sale which is better than a foreclosure. If you want to talk bankruptcy, get a consultation with a local attorney. It is not a do it yourself project. Talk to a local real estate broker about the problems with your home loan. Don’t stick your head in the sand.

John asks…

California foreclosure help!?

I am currently behind about three months on my mortgage. I have already accepted the fact I can not afford my home any more. If I do not keep paying my house, how long will it be before I get the boot? Also I have a first and second, my second is a HELOC. What are the aftermath consequences to my credit and will they come after me for any fees or continue to harass me to pay the debt or will I just walk away free?

The Expert answers:

I work for the bank, you never said if this was your 1st orginal loan on the house if it is you can walk away with the bank not coming after you. But if you have refin. Your credit will be shot and after the house goes to sheriff sale, you will be responsible for the balance. You should be getting a final demand letter no later than next month.

Linda asks…

What will happen in the foreclosure? After?

I am not looking for a lecture here just want some information on what will happen when my home goes into foreclosure. Don’t judge me because you don’t know my full circumstances. First off, the bank (BoA) wont do a forbearance, modification or the like, so after 15 months of draining our lives monetarily, we are going to have no choice but to go into foreclosure. Our home is in Colorado, which is a non-judicial and judicial state. I want to know what will happen during and after the process. Can they sue us for what they will not recover? House is about 40,000 below what is owed. In the loan paperwork there is a a verse on Foreclosure. Can someone explain what it means in regards of recovering their money after they foreclose.

“If the Lender’s interest in the Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Act to commence foreclosure and to sell the property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this paragraph or applicable law.”

Basically, does this mean they cannot do a judicial foreclosure and not sue us for the difference? We can handle the 1099 that we would get as a consequence, just not having to come up with $40,000. Please help without being rude and if you must be rude, at least offer an educated solution. Thank you.
This isn’t the original loan we bought the house with, this is the refinanced loan. We don’t have a second on it though.

The Expert answers:

“…may invoke…” means the bank can decide either way.

If this is your original loan and you did not take any cash out or put other liens on the property they are most likely going to go nonjudicial. The speed and ease is worth 40k to them.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Mary asks…

Still looking for websits for a FREE list of UP COMING foreclosures on homes..any state can you help?

I help people save their homes from foreclosure even if they are scheduled for a Sheriff Sale. So the list that I’m looking for would be Pre-forecloser list…I have no interest in buying homes MY GOAL IS SOLELY TO ASSIST HOMEOWNERS any state in the US.

The Expert answers:

You’re not going to find a FREE list, such as you desire. There is no national database of foreclosures or pre-foreclosures. The reason that the sites require you to pay is they incur expenses gathering all this information from the various sources into one location.

Betty asks…

How much is this house worth? in foreclosure it’s bank-owned , has been sittings for at least a year.?

Needs a new roof, basement isn’t finished, etc

http://www.edinarealty.com/MN/Red-Wing/55066/homesforsale/2571-Deer-Path-Trail-60544785/popup

The Expert answers:

Who knows.

Have your agent show you recent sold properties like this one. Make the adjustments for the roof, etc and you have a value.

Donald asks…

Where can I find city statistics for the number of licensed real estate agents per location, conveniently?

Yahoo Real Estate page provides great statistics for whichever city I choose to input, such as ‘Homes For Sale (MLS)’, ‘New Homes‘, ‘Foreclosures’. As an additional economic indicator, I am looking for a similarly convenient website or resource that would also show how many licensed real estate agents are within the designated location.

The Expert answers:

I don’t think you are going to find one. I don’t know of any site that keeps these stats.

Sandy asks…

Foreclosure/short sale advise?

my parents had to do a short sale on their home in palm desert due to my 75 yr old father has had 5 surgeries and has been ill and they lost their home, today they received a phone call telling them that their locks were going to be changed today-my dad in going into surgery at 7am tomorrow -5/21 and my mother doesn’t know what to do? They were told they would get a notice for when they should be out of house-after surgery my dad needs to be bed ridden per Dr.s orders-what is my mom and dad suppose to do-they have no one to help move their very heavy furniture-they are on a fixed income which they only get on the 1st of each month-with no where to go, and especially now since my dad is having a life saving surgery in am. Can they be put out on the streets when my father has just had his 6th surgery? They just found out as of last Tuesday that the bank got their house-they were advised to do a short sale and were told alot of false information and now their stuck,

The Expert answers:

First, if they did a short sale they sold their home to someone else.

You also keep saying they have no one, no where. They have you. Hire someone to move their furniture into a storage unit for now and have dear ol’ dad delivered to your home when he gets out of the hospital.

You should not be expecting others to step in and support them, your family should be stepping up and making a plan, not asking what other people are going to do about this.

Ken asks…

Loosing one of two homes in California. Now what can I expect.?

6 months ago I purchased a second home in California and started renting my first home. The people renting the home broke their contract and left, and I have been unable to find more renters. I cannot afford to pay both mortgages for both homes, and the one I was renting (the first home) I am thinking about letting go into foreclosure or short sale. This home has been refinanced once (this was just to get a better interest rate and no money was borrowed) and the loan is an 80/20.
Both homes have the same mortgage bank too. What can I expect to happen? Will I loose both homes, have to owe the smaller loan from the first home still, have a huge tax bill from the IRS for the difference of the home, or what? Please help.
No extra money was taken out of the first home is what I am saying. I did not refinance and take out money from the then exisiting equity in the home. The refinancing was to lock in a interest rate before the rates went too high. And I know its not play money, BS like that is not helpfull. Hope insulting little remarks like that make you feel good and all knowing.

The Expert answers:

Since you refinanced you will owe the money no matter what you do. If they take #1 and you do not pay up the differance they can go after #2 and any other assets you have. If they can’t get it in assets the garish wages until you have repaid the money you were given.

I do not get where you think no money was borrowed. What do you think this is? Play money? You borrowed and you spent real cash money.

Powered by Yahoo! Answers

Your Questions About Foreclosures

John asks…

Just how much of a gravity difference is there in Canada around the Hudson Bay?

If something weighed 1 kilogram normally what would it weigh at Canada’s Hudson Bay?
I’m asking what the difference is, not why. I already know why.
I have heard about this gravity difference, if it’s true or not, from sites like Nyx posted.

The Expert answers:

Looks like Canadians are naturally lighter than Americans because the gravity is lower there (yet another great reason to move to Canada).

Most of this is do to ground rebound from the last ice age.

George asks…

What was the geological process for the Hudson’s Bay Arctic Lowlands?

For a geography presentation, I have to know what geological processes were involved in the forming of the Hudson‘s Bay Arctic Lowlands. Please!!! Give me as much information as you can!!!! Thanks :)

The Expert answers:

During the last ice age that ended about 10 000 years ago the Hudson’s Bay area was covered by thick ice sheets that compressed the ground below. Today the area is undergoing isostatic rebound, which is the process where the ground rises to the elevation it was at before the ice age (before the ice lowered the grounds elevation). It’s like you compressing a sponge with your hand (ice sheet) then letting go, the sponge expands to its original shape (similar to isostatic rebound). Today the rivers in Manitoba flow north to Hudson’s Bay, from isostatic rebound of the area, in the future it is expected the rivers flow south instead of north (because rivers flow from higher elevations to lower lands). This can cause different problems such as environmental issues.

Robert asks…

What nationalities, occupations, and traditions are in hudson, new hampshire ?

I’m doing a project on Hudson, new Hampshire for geography someone help please!

The Expert answers:

Ah yes, Hudson. Though primarily now known as a suburb of the greater Boston area, Hudson once once famous for its mills. Hudson provided Boston with over 50% of the steel cut oats consumed there yearly, and most of the corn meal used in the sour mash for their whiskey. That is, until prohibition, when the area became famous for the moonshiners who hid out there, and for the speakeasies and prostitution.

Chris asks…

What Kate Hudson movie are they talking about on “Hannah Montana”?

In an episode of “Hannah Montana”, Miley gets into a skiing accident and has an out-of-body experience where she hears Oliver say that he loves her. During that entire episode, the characters make reference to a Kate Hudson movie with Ashton Kutcher. What movie are they talking about?

The Expert answers:

75 20 “I Honestly Love You (No, Not You)” Shannon Flynn Andrew Green July 26, 2009 (2009-07-26) 318
After a ski accident in Colorado, Miley ends up in the hospital and while unconscious she hears Oliver say “I love you” to her. She attempts to keep it a secret, but when Lilly informs her that she is going to announce her love to him, Miley confesses. She plots to “get back” at Oliver by making Lilly kiss another guy, but Oliver interrupts and says he loves Lilly. Later he said that in the hospital he was truly practicing saying “I love you” to Lilly.

Absent: Moises Arias as Rico
Hannah song featured: “Nobody’s Perfect”

Note: Miley makes a reference to the movie Just Like Heaven. However instead of saying Reese Witherspoon and Mark Ruffalo, she said that Kate Hudson and Ashton Kutcher star in the movie.

Wikepedia Hannah Season 3

Thomas asks…

how much will a cab cost to go from Manchester airport in New Hampshire to Hudson New Hampshire?

It is a 20 mile, 30 minute drive. gotta get to a hockey rink in Hudson.

The Expert answers:

Try http://www.taxifarefinder.com. There isn’t a page for New Hampshire, but you can choose another city and type your addresses in NH. You will at least get an estimate.h

Powered by Yahoo! Answers

Your Questions About Foreclosures

Joseph asks…

Can I buy a house if my current house is still in foreclosure processes?

I will be separating from my husband and we both currently live in a home that is in the process of being foreclosed on. I would like to buy a new smaller home, like a condo or something for $100,000 less that our current homes mortage value. Is it possible to buy a home during this time?

The Expert answers:

No. They will see your credit report, see that you have another banks money that you are refusing to repay. Knowing how entitled you think you are to keep money loaned to you they will not be giving you any more.

Donald asks…

How do you prevent a Foreclosure on a house?

We are making payments on a house to an Individual. We need $5,000 more. Our house is dated to be foreclosed October 3. What should we do to get out of this? The individual said he can’t do anything about it anymore since the foreclosure process has already started. We can’t get a refinance, because we are buying from an individual. We went to the courthouse and they said they couldn’t do anything about it. We went there because the individual recommended going there first.

The Expert answers:

You don’t own the house?

There is nothing at all you can do, no one can even legally discuss this with you if you are not the legal owner.

Betty asks…

A house in my neighborhood began the foreclosure process the end of 2007…?

This is in IL. It has been over 18 months. I thought the whole process lasted a year at most? This family is shady/drug/party types and my neighbors and I all look forward to the day when they move. Why is it taking so long?

The Expert answers:

Illinois is a Judicial foreclosure state. This means it goes through the courts. I have worked in the foreclosure industry for 8 years and believe me there are many things that can delay a foreclosure. In a judicial foreclosure everyone has to be served. That means they have to locate everyone this can take a long time. Another thing can be there is a problem within the courts or the lender can not get a vital document in order to continue with the foreclosure. Also, they may be in bankruptcy which stalls the foreclosure process. Nothing on a foreclosure can be done while the homeowners are in bankruptcy. Chapter 13 bankruptcies can take years if they are staying current. Or perhaps they brought the loan current and it is no longer in foreclosure. There are many things that could have happened. There are so many variations of what can happen in a foreclosure it is impossible to list. Generally it should take no longer than 6 months but delays can occur and they can take a long time to sort out depending on the degree of difficulty. Basically, it could be a long time before they leave. Or if they are no longer in foreclosure, they may not move out.

Mandy asks…

How long does it take for banks to foreclosure a house?

few months ago I lost my house and still in the process of foreclosure. what is the process time period? does any one knows. please Do not send stupid comments.

The Expert answers:

Are you in the house?
Do you want to keep the house?
Have you been served with warrents?
What state do you live in?
How far behind are were you in your payments?
Who is your lender?
How much is your home worth?

Let me tell you from experience the bank dose not want to take your house. There are other options.

All these are factors
it can take 3 months to two years… It depends on those questions? Email me if you want to chat about it.

David asks…

Is there any way to speed up the foreclosure process? My house has been sitting in my name for 3 years empty?

After no help with a loan modification or any options, we relinquished our property back to the bank and it has been sitting empty for three years and still not foreclosed on, however it is still in our names so we would like to move on but at this point cannot because the property is still in our names. We recently applied for a loan modification but were told because we do not live in the home that we were denied. If we have to wait three years after foreclosure to buy another home, this could take forever.

The Expert answers:

There is no way to “speed up” the foreclosure process. There are houses sitting empty all over the country in a similar situation.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Carol asks…

how long in texas do you have to get yoru stuff out of your home once it is in foreclosure?

The Expert answers:

3 years

James asks…

how can i stop foreclosure on my home with little or no money to work with,am in texas and 5 payments behind?

all the stop foreclosure sites want money up front but am really not sure they can really stop foreclosure

The Expert answers:

Take a look at this page for more detail on some of your options!!!!

Http://www.thetruthaboutmortgage.com/foreclosure-help/

You need to do something quickly before your options run dry.

Robert asks…

is there a totally free source of information re: bank foreclosures in the central Texas area?

How can I locate the bank or lending source that holds the mortgage on a particular property? Thank you.

The Expert answers:

Try these..

Http://www.realtybid.com/home/home.cfm You can even sign up to have new listing e-mailed to you as they come on the market in your area..BUT a Realtor has to actually bid on the properties for you..

Http://www.ocwen.com/Home.cfm this is the VA repo web site..

You might also contact a few of your local Realtors and have them e-mail you listings that come up..

Daniel asks…

I bought a timeshare in Las Vegas. If it goes into foreclosure can they garnish my wages if I live in Texas?

The Expert answers:

No they can not garnish your wages.

They only have rights to your federal taxes, any property you own outside of TX, bank accounts anywhere and money earned outside of TX.

They can however sue you in civil court for fraud, so I hope you were on the up and up about everything you signed your name to. Timeshares are typically aggressive legally and I have never heard of them loosing a case, those contracts are iron clad.

Chris asks…

Why don’t Dems point out that foreclosure rates are low except for mainly states with high illegal immigrant?

… populations?

Like CA, NV, AZ?

Foreclosure rates in PA and NJ are about 1 in 1800. Foreclosure rates in the 3 big illegal immigrant states are about 1 in 195.

Of course, the foreclosure rate in Texas is only about 1 in 900 since Texas isn’t a liberal bastion.
Don’t you love how Libs ignore FACTS and say foreclosure rates are high everywhere?

VT – 1 in 63,000
WV – 1 in 22,300
ND – 1 in 9,900
NE – 1 in 3,400
SD – 1 in 3,700
WY – 1 in 4,100
NY – 1 in 2,900

The Expert answers:

Because your claim is false. See this map of foreclosure rates in 2010: http://www.realtytrac.com/trendcenter/

GA, ID, IL, MI & UT have high foreclosure rates, but not many immigrants.

———– update ———-

Funny thing about NV (a state nearly as far right as TX, and with low illegal immigration): according to http://www.realtytrac.com/foreclosure/foreclosure-rates.html in Q3 2009, NV had the highest foreclosure rate in the USA, with 1 in 23. More details about NV here: http://www.responsiblelending.org/mortgage-lending/tools-resources/factsheets/nevada.html Where did you get your numbers and what time period do they cover?

Also, VT is consistently among the lowest foreclosure rates and it’s a liberal bastion, so much so that VT Senator Bernie Sanders describes himself as a “democratic socialist”. So much for you claim! See http://sanders.senate.gov/newsroom/news/?id=7b6eba9b-67f5-4d8f-bc75-ce63a07035d2

———– update 2 ———–

Notice how I back up all my claims with links? Why can’t you conservatives do the same??
.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Maria asks…

How to sell my home…?

I live in an area were there are a lot of homes vacant and for sale, most of them foreclosed homes. I want out of my town as well. my question is how would someone with poor credit and in a bad area relocate. I was wondering should I give my house back to the bank, which would make my credit even worse and then purchase a home for people with poor credit and let the interest rate eat me alive. I’m stuck Is there any reasonable solution for me

The Expert answers:

The banks will never want to negotiate with a good customer.. Meaning one who is paying. If things are that bad.. Maybe you should take 3 months off and they’ll be willing to help you out. While you continue to pay, you are not a worry to them as they don’t know how bad your situation is. Try to get a better rate, or even get the loan reduced as some banks are considering. They don’t want you to lose the home anymore than you do as they will have to incur costs to resell it.

Richard asks…

Dealing with Banks when trying to purchase a foreclosed home?

I am trying to purchase a foreclosed home. I offered the bank the asking price for the home. The banks agent has yet to present the offer to the bank. He said he waits a week and then presents all offers.
Isn’t that practice a little unethical? Is that the “norm” for foreclosure sales? How long does it usually take a bank to respond to an offer?

The Expert answers:

You don’t say where the property is located, but…

Different foreclosure properties are handled differently by the bank/owners. Some require that the property be listed for sale for a minimum amount of time before reviewing ANY offers. Some will consider an offer as soon as it is submitted.

For example, HUD requires 5 days (I believe) exposure to the market and then owner-occupants are given priority. If none are the *winners* then the bid is open and offers are considered daily. Fannie Mae used to require 48 hours on market before reviewing any offers. After that, all offers were considered as they were received.

In both of the examples noted above, the actual offer can be submitted, but they will not be reviewed until the deadline has passed.

It has been my experience that there is usually a quick response, when the bank will present a counter-offer.

In the case of a “full price” offer, as you said yours is, it might take a little longer. This is because the “full price” offer still may be less than the previous owner owed on the mortgage loan. In this case, the PMI company or originating/servicing lender must agree or exercise their right to purchase for the list price. Not always, but it could happen. In this case it may be anywhere from a few days to a few weeks.

My guess is that if the property you want is an area with a lot of foreclosures, you should hear back rather quickly.

What does your agent say?

Good luck.

Mark asks…

Has anyone dealt with a house that is a “short sale”?

I put a bid in on a house listed for short sale – it’s in pre foreclosure. Our bid is only $5k below asking price. It’s been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I’m already approved for financing. It seems like every house I look at is in foreclosure

The Expert answers:

The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.

Paul asks…

Purchasing a Bank Owned Home?

There is a home for sale that I am interested in purchasing. However, it is not for sale yet. The home is empty and it is a foreclosed/bank owned home. I see an online database for my county that the house was “sold” to citizen bank January of this year for $22,000. I was told that the home is more than likely a foreclosed home and is now bank-owned (REO). It’s possible that it may be auctioned or resold by the bank at a later date.
My question would be how would I go about purchasing this home since it is in the bank owned and it’s not for sale at this time? Can I make a bid on it? How long does it take to find out if/when it goes for sale? Also if the home was bought was for 22,000 (it’s a small home) how much am I looking at the home costing if I were to purchase it?
Thanks!

The Expert answers:

There are houses all over the country in this same predicament. You could try to contact the bank, but that will most likely be an exercise in frustration. At some point, it should come on the market.

Michael asks…

Real Estate Q???. Buying a foreclosed home ???

I have been watching the homes that come up for sale in a particular area I want to move to. There’s a particular subdivision that has what I am looking for: established neighborhood, homes built in the 70s and 80s, beautifull architechture,lots of land (from one to two acres)lots of mature trees, the homes range from 200k to 500 (state of Georgia)
I found a foreclosure that started at 255 then went to 155 and now its down to 137.K I went to check it out, it looked like it needed a lot of repairs, I went in with a friend that knows about remodeling and construction and he said it looks like I will need about 15 k to get it back in shape thats OK so far.But I am scared to death to run into more problems once I buy it and not be able to afford paying more for unforeseen repairs. Everyone tells me that house and the neighborhood is worth it. I need advise.
ADDING DETAILS: The house has an updated kitchen that probably cost a lot of money to the previous owners. What the house needs mostly is new carpets upstairs (it has wood floors downstairs) The toilets look awful, one is missing!!! it needs four new toilets 8 ceiling fans (its a big house, it needs painting thru the inside, the outside brick needs a good pressure wash.

The Expert answers:

I love these new, smart, different types of questions!

UNLESS I am in error, when I take my
renewal hour courses in AZ, a man, representing a HOME repair insurance
company visits us and touts his company’s
stuff. IT looks legit, I think they are
in most all states.

What it is –you buy at the time you buy
your house, their insurance. They send
an inspector to the home and he
tells you what your home needs and
his firm will insure the condition or
equipment –appliances after the
house has been improved.

IF that service is not readily available
to you, let me know! I will find such
a facility!

Powered by Yahoo! Answers

Your Questions About Foreclosures

Sharon asks…

Is there any way to find home foreclosures for free?

I am trying to find a website that has complete foreclosure listings for free. Every time I look on the web the foreclosure sights say the listings are free, but in order to look into this any further you have to pay a fee with a debit or credit card. Is there any sight that truly is free? A sight that will give you addresses without having to pay? Thanks for answering if you can!

The Expert answers:

Foreclosures are listed at your local courthouse for free.

Donna asks…

How can i benefit from the banks helping foreclosures?

im not in danger of losing my home, but and adjustment would be nic. I have FM at 5% but with the rates dropping and people getting additional help to keep their homes, is there anything that i can do the benefit from it. I do not want to skip payments to give them a reason though?

The Expert answers:

If you have a 5% interest rate and you are not behind on payments there is no way you are getting a modification. 5% is an excellent rate! The assistance is not meant for everyone, only those who have true hardships, which are typically the 3 D’s, Death Divorce, or Disease. Quit being greedy and just make your payments.

Mark asks…

I’m interested in buying foreclosures and was wondering how i go about getting started and what i need and

where i can get a list of properties foreclosures. Do I need a licsence or a relastate agent.

The Expert answers:

Realize you have half the world in competition with you. Unless you have a tremendous income to qualify for a second house loan ( very hard to do right now ) you would need all cash.

The deals are not great because the homeowner owed more than it was worth and did not want to give up his home so there will be extensive repairs necessary which added to what the mortgage company wants for it, you can usually find better deals from private sellers who cared for their home.

If the buys were so great you would see large investor pools buying everything up even before you knew about it…think about that..

James asks…

Do you clean out foreclosures for a living?

I’m wondering how it works. Do you clean it like a cleaning service too, or do they call you in you just empty it out? Does the employer supply dumpsters or are you responsible for hauling away the stuff? Do you work for a company, or are you an independent contractor? What are the costs and profits of your business/job? Any info is appreciated. I’ve read some websites about it, but I’m really looking for first-hand knowledge and experiences here.

Its something I’m considering getting in to as a side job.
Thanks!

The Expert answers:

If you have a contractors license. Any job over $500 the tradesman must have a valid contractors license,

The contractor provides the dumpster and all supplies and is an independant contractor, pays the workers including social security, witholding taxes and workers comp.

Not doing so is a felony. No bank will hire you if you are not legally licensed.

Linda asks…

Can foreclosures happen in the winter months?

I heard that when you rent an apartment the landlord can’t kick you out during the months of October all the way to April.
Is this how it is with houses that are in foreclosure as well?

The Expert answers:

That is an urban myth.

One can be removed via foreclosure or eviction anytime during the year.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Donna asks…

How can you find information on a home foreclosure. The problem is the taxes have not been paid in many years

Forty five thousand dollars is owed. I was told by a town official that they would be starting foreclosure. Can they legally do that? Also, how can you get the specific details?

The Expert answers:

Yes they can legally do that, every county is different and to get specific details you need to contact your town

if this is your home it may not be too late to save it though.

Ruth asks…

Can my wages be garnished on a home foreclosure?

I owe 103,000 on a home and small piece of land. Tried selling but no luck. In today’s market probably worth about 80,000. The note has become to hard to make. If I step out I know foreclosure is next. Can my wages be garnished in this situation?

The Expert answers:

It depends on your state. The ones that allow it still need a court order. You will not be stealing very much, pocketing only 23k. In all likelihood you will just have to pay income tax on it.

George asks…

If I do not show up for a home foreclosure hearing what will happen?

My home is in foreclosure and I was mailed a letter stating a date to show up at court. Can they arrest me if I do not show up or will they just auto send it thru to foreclosure and start the eviction process. Anyone know for sure. I really, really do not want to go.

The Expert answers:

You don’t have to show up. This is a civil matter. And when a defendant fails to show up, a default judgment is entered (meaning that the plaintiff will get everything the plaintiff has asked for). The hearing will proceed without you and the house will be foreclosed upon, and then auctioned off. (Generally the bank buys it, but not always.) The new owner will start the ejectment proceedings immediately.

Ken asks…

How can to use the new law, to stop a home foreclosure, if unemployed?

I heard there is a new law, to help unemployed people, who are in foreclosure. If the Notice of Default has been received, how can I stop the sale?

The Expert answers:

As of right now, there is no law…. But there is one that is on the table, and is expected to be formally introduced today. The law would require mortgage lenders to reduce a homeowners mortgage payment to a maximum of 31% of the borrowers income if unemployed (this would typically be 31% of their unemployment benefits) for 3-6 months.

In addition to payment relief, there are 4 other key components of the plan. First is that the government will provide incentives to lenders to lower the payments of mortgages that exceed 15% more than the value of the home. So if the home’s value is $100,000… And you own $115,000 on it, banks will be given bonuses if they reduce the loan to less than $115,000.

Secondly, the government will double the amount it gives to lenders to help modify second mortgages and piggy back loans that are a burden on homeowners. So if you have a second mortgage and are struggling to make the payments, the government will be providing more money to help the bank restructure the loans to make it more managable for you to make payments.

Thirdly, the government is looking to provide incentives to banks for helping homeowner who would not qualify for government assitance (for example, they are employed and their mortgage payment is less than 31% of their income) to find other alternatives. As an example, the banks would help in providing assitance for the homeowner to make a short sale of their home.

Finally, the government is looking to expand FHA programs to reduce FHA loans as much as 10% for homeowners who ARE managing to keep their head above water and are making payments.

Helen asks…

can i buy a home after having a foreclosure?

After having a home foreclosure in Feb 2008, will i be able to buy another home in the future? If so, what are the requirements?

The Expert answers:

You’ll need about 5 years to pass to get a loan from a bank.
Maintain good credit and actively improve on it.

That being said

You could by a home TOMORROW if you found a seller willing to finance.

Research seller financing to learn more.
Make sure you have a real estate attorney write up the papers to protect you.

There are many desperate sellers out there today and if you can show them a decent employment history and that you are a stand up person you will be able to strike a deal to buy a home.

As an example:
I was recently forced to evict tenants from my rental property.
During that process they purchased a house through seller financing.
They were being evicted for non-payment of rent yet somebody was willing to sell their property to them none the less…

They stopped paying that person just a few months later and were foreclosed upon…

Point of the story is if you look you will find a seller willing to finance.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Lizzie asks…

Buy $1.00 HUD homes and sell them (online) to the Chinese for profits? Yes? No?

You could by a whole street of HUD homes for $20.00. Why not then post them for sale at, say, $500.00 each on some Beijing website? They can afford it.

The Expert answers:

I don’t know where you are finding HUD homes for $20. Most of them cost several thousand at a minimum!

Laura asks…

How would I become qualified for a HUD home loan?

I found a website that lists some homes in my area that are supported by HUD home loans, my question is WHERE do I go to become qualified for the HUD home loan? I am not sure if I can due to my salary, which may be just above the requirements.
I live in Kansas if that helps. Thanks.

The Expert answers:

Choose your state from the site below you can get a list of HUD available homes in the area.
(This is for other readers in other states too.)

The Second site go to the counseling agencies there you will find out how to work with HUD they don’t loan you the money but sort of back the load, certain criteria must me met when buying sale and foreclose of the HUD homes they have many on line seminars and its rumored on line classes are coming also

You have to attend an “orientation” or perhaps now its on line then your set

William asks…

Hud homes in up state NY?

I am currently looking for a “cheep” home. I do qualify for hud homes but everywhere i look you have to pay money to get the listings does anyone know where i can get a list of them for free like a public office or something?…

The Expert answers:

Visit any real estate agent and they will be happy to send a list your way. Any agent will due, dont be shy!

John asks…

do you have to have a clear back round to stay in hud homes?

my hubby was let to live in are apartment for 5months and now the mang. is saying he is no longer allowed on this property at all and we have 2 kids he has a charge that is back from 2007 this isntt far

The Expert answers:

He;s a felon? He has to go. Completely fair. You must have lied on the application.

Ken asks…

Is it easy to qualify for a mortgage when buying a HUD home?

With the current lending standards, i’m wondering if the same applies to HUD homes. I live in texas and found a hud home that’s listed for $95,000. My credit score is about a 620 which i know is horrible. Is it possible to qualify for a loan and about how much would our payments be?

The Expert answers:

Good news, if you buy a HUD home with an FHA loan you can actually get in with just $100 down in stead of the normal 3.5% down!
As long as your mid score is a 620, you should be fine as long as you don’t have things like a foreclosure, bankruptcy, judgment or tax liens on your credit. If you do have any of these things it will be a little more difficult.

Powered by Yahoo! Answers

Your Questions About Foreclosures

Paul asks…

Is there something hidden in Foreclosure Homes???

Is there something hidden in Foreclosure Homes???
Question Details: I see all these good deals online about buying a foreclosure house, do they really sell at a lower price than market, or is there any tricks, or any fees that they don’t tell you and you have to pay. Please advice, anyone who has done this. what are the risks???

The Expert answers:

You have to find out why the house is being forclosed is it b/c of taxes? I f yes then you will have to pay the back taxes. Gotta try and find out as many details about the house that you can. Puplic records in the town hall can help you.

Thomas asks…

When homes are sold that are in foreclosure, do they automatically pay off 2nd mortgage against home?

I am confused because our neighbors had equity line borrowed against their home and this was paid off before the sale could go forward, but other friends have lost their homes and their equity line was not paid off. Why would this be different?

The Expert answers:

You didn’t say if the first house was in FC. It could have been a short sale.

In regards to the FC home in the post. NO, if the first mortgage begins a FC, then the 2nd mortgage is a loss for the 2nd lien holder.

The only recourse the 2nd has is to purchase the house at the FC sale and pay off the 1st. Then they own the property and can do what they want. But this doesn’t usually happen.

Your neighbor is in big trouble. Since this was a line of credit, they can sue for the balance AND the IRS will tax them on this.

They really should have talked with a lawyer. You can’t just walk away.

Robert asks…

Where can you find a list of homes that are in foreclosure or near foreclosure?

I would like to find a home to fix up.

The Expert answers:

Go to morgage brokers, Banks or Title brokers. The forclosure sites we found list homes that are preforeclosure. So they are really not the best bet. Companies in your area will tell you about auctions you can attend. The only bad thing is you don’t get a home inspection buying this way and you can run into some bad problems. But if you have the money to invest to fix it up you can make real good money.

Mark asks…

Do you feel bad for the people that are losing their homes due to Foreclosure?

Do you feel bad for these people? or do you think that they knew what they were getting themselves into when they signed the loan papers?

The Expert answers:

Well, you have to look at it this way…

The homeowners went into a home that they couldn’t afford in an inflated market, most probably knowing well that the market has to crash at some point. Now, given that the mortgage companies also knew that would happen and probably did not say so to the homeowners…

My family bought their home in ’02, when the market was climbing, we did not want an interest only loan, or a 100 year loan, or a loan that was ‘too good to be true.” we bought a home that we could afford, it wasn’t a huge home, and it wasn’t a tiny home. It was just right for our budget. Now, we could have gotten a huge home for the same payment if we would have gotten a sub prime mortgage. However, we knew better and decided not to. We have built a lot of equity into our home, and that’s because we played it smart.

Of course i feel bad for the homeowner, but they are partially if not wholly to blame…PEOPLE SHOULD READ THE FINE PRINT…you are not buying a bike here, this is a purchase which could adversely affect your financial well being for life….

George asks…

are foreclosure homes really selling for $14,000 to $40,000…..?

are foreclosure homes really selling for $14,000 to $40,000…..i cant believe it….brand new homes….?????????…..zip code 30043 (lawrenceville, ga)….

The Expert answers:

You would be shocked to find out what homes go for on the foreclosure market. I have personally made some excellent purchases through auctions. Namely, the site GovernmentAuctions.org has helped me out fantastically. Through that site, I have attended numerous live auctions and let me tell you – sometimes those low numbers don’t lie. There are hundreds, if not thousands or homes out there waiting to be scooped up.

Powered by Yahoo! Answers

Next Page »