Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Thomas asks…

I am looking for a website about foreclosure homes?

My husband and I are looking to buy a house that has been foreclosed or is a power of sale. We are only interested for canadian listing. Does anyone know of a free website.

Your Questions About Foreclosures

The Expert answers:

If it’s anything like the US, the sites that sell these lists have no interest in you actually being able to BUY a house. They just want your money. To actually buy a home, you need a registered Realtor to submit your offer.

Also, the compiled lists are later in getting to you than what the Realtors have.

Your Questions About Foreclosures

Maria asks…

Sale of your home after foreclosure?

What happens if a foreclosure house is sold on the market ( not at auction ) for more than what is owed on the house? Lets say someone owed $200,000 and it was sold for $250,000, is the foreclosed owner due the excess? Or does the real estate agency just sell it for $200,000 to get rid of it. I know that if there is a deficiency the foreclosed owner is responsible for that so what about any excess?

Your Questions About Foreclosures

The Expert answers:

I believe you are talking about a foreclosure auction. If that is the case, the lending institution actually has to go to court and sue to get possession of the property. At the hearing, the lending institution will show evidence of the owners failure to make payments and will ask that the property be sold to satisfy the debts of the owner, which include the legal fees and court costs incurred by the lender to bring the case.

At the auction the lender will enter a bid equal to what the court held as judgment against the debts of the owner. In some states the lender has to be present, in others a default bid is entered on their behalf. Sometimes the lender gets their dates or locations mixed up, especially if they have several properties. This can be a good time to pick up a cheap property.

In any case, if someone bids more than the amount the lender bid, that will go to secondary mortgages if any, tax liens if any, construction liens if any, and finally, if there are any monies left over, to the dispossessed owner. Depending on the state, the owner has a right of redemption and the time period can very depending on the reason for the loan. If it was a commercial loan, even on a private residence, the redemption period is usually truncated significantly.

If after repossession the lending institution sells the property for more than what was due by the previous owner, the lender gets to keep that money. It is, after all, their property now.

Your Questions About Foreclosures

Mandy asks…

why are people losing their homes? foreclosures?

i dont know anyone who has lost their job? but i recently see alot of homes for sale and hear its going on everywhere.so im trying to understand whats going on.
hah,what perfect timing budhah.thanks

Your Questions About Foreclosures

The Expert answers:

The whole story is on CNN right now.. Take a look

Your Questions About Foreclosures

Lizzie asks…

Need Help w/ Stopping my home from going to Foreclosure Sale!!?

I fell behind on my mortgage payments after losing my job and was three months behind when the bank foreclosed on my property. Next thing I know I got a letter from the bank saying that they were putting my home up for foreclosure sale and I have 30days to pay the 5 months of my mortgage payments that I missed or else they’ll sell!

What can I do to keep my home. I have live here for 20yrs and always paid my mortgage on time until now. I also was just offered a new job and will have a regular income again and can eventually pay back what I owe.

Please help!

Your Questions About Foreclosures

The Expert answers:

They told you what you need to do.

You need to contact them and work out how you are going to pay them. If you make a good effect they may allow you to pay part of it and add the rest to your principle/

Your Questions About Foreclosures

Sandra asks…

Would it help the housing bust if people simply refused to sell their homes?

Instead of selling, holding out until the glut of short sales and foreclosures have been eliminated from the market? I’m thinking because of the glut of homes for sale, supply and demand dictates that houses will be sold for peanuts as long as non-distressed homes have to compete with distressed homes.

What think you my friends?

Your Questions About Foreclosures

The Expert answers:

I think this idea would work in an hypothetical world. If lots of sellers refused to sell, then the supply of houses available for sale goes down and get purchased by buyers. This cleans up all the distressed homes out of the market. When they’re gone, then the seller can put their house back on market.

However, this only works in a hypothetical world.

In the real world, life gets in the way. Sellers lose jobs, transfer to new work locations, get divorced, make less money, have babies, or get medical bankruptcies. During this time, sellers would still have to pay their mortgage while they are waiting.

In other words, imagine someone in a one bedroom condo, who just had a baby. They will have to move, but still pay the mortgage on the one-bedroom? Or parents who’s paying too much for a 6 bedroom McMansion when all their now adult kids moved out? Why pay so much for a house you don’t need? How about the person who transferred to a new job in another state?

This is the real life scenarios that get in the way. Makes it hard to refuse to sell when you can’t afford to not sell.

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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