Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

So the PMI pays the bank for the deficiency of sale of a foreclosed home?

So we still have to pay the deficiency? Seems like the bank is being paid twice? With our bk, they want to liquidate the small amount of stock and our vehicles. Or does the PMI insurance step in afterwards for the bank?

Your Questions About Foreclosures

The Expert answers:

PMI only pays the balance of the loan down to 80% which is why it is only required if your loan to value ratio is over 80%. In the days before PMI, you pretty much had to put down 20% to buy a home, but PMI came along and it covers that portion. Most of the time, the bank will list the property at about 80% of the value so that they can get rid of it quickly.

Your Questions About Foreclosures

Betty asks…

What does it mean when i look up homes for sale and it says?

that the price is 15,000

keep in mind, these are not foreclosed homes
they are not rented homes
and they are from california

http://realestate.yahoo.com/search/California/Pacific_Palisades/homesforsale?typeBak=realestate&p=Pacific+Palisades%2C+CA&type=classified&priceLow=0&priceHigh=50000&bedroomLow=&bathroomLow=&search=Search#m=b%3D1%26p%3DPacific%2520Palisades%252C%2520CA%26type%3Dclassified%26radius%3D%26lat%3D34.047045%26lon%3D-118.526514%26datelisted%3D%26priceLow%3D0%26priceHigh%3D50000%26bedroomLow%3D%26searchName%3D%26bathroomLow%3D%26sqLow%3D0%26sqHigh%3DUnlimited%26proptype%3Dall%26nhood%3Dall%26n%3D10%26view%3Dlist%26sortBy%3Dprice%25201
could it just mean they are renting out a room in the house fur such an amount of time?

Your Questions About Foreclosures

The Expert answers:

Those are all rentals, that is 15k a month to rent the house, not buy it or rent a room, you get the whole house.

Your Questions About Foreclosures

Mary asks…

I am looking for free listing of foreclosed homes,power of sales where would i find listing?

Your Questions About Foreclosures

The Expert answers:

The free listings are a waste of your time. They are 7-10 days behind the power curve, by which time the folks have been swarmed by bankruptcy attorneys, hard money lenders, and real estate agents. You want to work that market, you need to pay for the services that get the information out while it’s still useful.

If someone has said “no” 229 times in the last two weeks, why should they say “yes” to you on attempt number 230?

So, either find a fast service provider OR work with someone who does so as a part of their regular business. (*grin*)

Your Questions About Foreclosures

Lisa asks…

Can somebody please tell me how to find foreclosed homes??

My husband even signed up with this thing that said it would show us how. It never showed anything and signed us up other things. I can’t remember what exactly that was all about. But, I do remember he had to pay a little money to get out of it. Also, he had to cancel some things that it had signed us up for. It was a scam. Anyway, is there any real, possible way to find homes that are foreclosed and for sale. I just don’t know how it works.

Your Questions About Foreclosures

The Expert answers:

You will LOVE this site. Absolutely FREE!!! Its called www.emailforeclosures.com, it sends you emails for free and if you don’t want to sign up you can still see the complete address to the place. I went to one of the houses on the site, because it was nearby my area, and sure enough the address was legit and so was the foreclosure! But it wasn’t in my price range. GOOD LUCK!!

Your Questions About Foreclosures

Donald asks…

What’s the best way to learn how to buy foreclosed homes, or sherriff’s sales?

In order to fix them up and sell to the general public…
I am looking for a way to learn about this business so that I don’t get burned once I get into it and spend the money.
Thanks.

Your Questions About Foreclosures

The Expert answers:

Go to your local sheriff’s sales, start talking to people there…you’ll learn a lot just by asking people. The other thing that will be helpful is to find a local real estate investor’s club and attend a meeting. You’ll learn a lot there.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures