Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mary asks…

How can I find foreclosure homes around the area?

Your Questions About Foreclosures

The Expert answers:

Interesting question.

There are so many ways to get the low-down on the foreclosures in your area. One method is to check out the lis pendins, foreclosure notices, or commonly known as legal notices in the major newspaper in your area. You can actually give the newspaper’s office a call to find out exactly when they generally include the notices in their paper. As this is public information, it should be included daily or weekly. A second method to obtain information on foreclosures, which I recommend is to obtain on foreclosure listing in your area is to go in person to your local county government and do not leave until you speak face-to-face with a public servant who works in the office where mortgage or deed of trust loan foreclosure actions are filed and recorded in the public records of your county. Find out if there is a delay on updating the information in the county’s records and how long does it take for new foreclosure notices to be recorded. Also, ask if they the county’ s public records can accessed online. A third method is to subscribe to a foreclosure listing services. For example, foreclosures.com or realtytrack.com. Good luck.

Your Questions About Foreclosures

Michael asks…

Why are some OWS people blaming banks for their homes going into foreclosure?

I saw this twice yesterday. Should these people not be blaming themselves instead for buying a home they could not afford? Why is it the banks fault? Yes, the banks gave them the loan to buy their house. That’s what banks are there for. It wasn’t the banks who decided to loosen the restrictions on home loan requirements was it? I call them the spoiled generation because they never had to work hard for anything. Never the less, please explain to me why people who have a foreclosure going on are blaming the banks.

Your Questions About Foreclosures

The Expert answers:

Banks gave loans to people who were never going to be able to pay back those loans. This has a huge negative effect on the people whose homes are inevitably foreclosed on, and eventually it also hit the banks themselves. The people are stupid for taking loans they couldn’t pay back, but the fact that banks actively encouraged this practice and did all they could to get people loans they would not be able to pay back (e.g. Low teaser rates and very high interest rates afterwards) puts the banks at fault, too.

It’s not the bank’s fault that a particular person’s home was foreclosed on. But it is (partially) the bank’s fault that there is the systematic problem of people buying homes they can’t afford.

Your Questions About Foreclosures

Sharon asks…

how do i go about signing up with a bank to landscape their foreclosure homes?

Your Questions About Foreclosures

The Expert answers:

A bank has an REO department, Real estate owned. Contact the manager (or vice president, or director) of that department and ask about sending them a contract.

Your Questions About Foreclosures

Ruth asks…

How many have actually lost their homes to foreclosure?

Is it a small percent compared to those who are making their payments and keeping their homes?

Your Questions About Foreclosures

The Expert answers:

I haven’t seen a percentage rate, but it is a far larger problem than we see on the news.
In some areas, whole neighbourhoods are boarded up.

Your Questions About Foreclosures

Mark asks…

foreclosure homes good or bad?

ok so my husband and i got pre-approved already for a home. my first question is are banks a good option to go get pre-approved?
we are looking into foreclosure homes is there anything we need to watch out for?

Your Questions About Foreclosures

The Expert answers:

In today’s market anything goes. There are too many good homes out there in foreclosure to ignore. And many times they can be a stellar deal. The first thing is to not go into it with the assumption that any foreclosure is a good deal. If the bank lost a lot of money on it, they still may not be willing to sell the house for a good price (at least not till after they have tried to get full price out of it for a while). Next, don’t make any assumptions about the house’s condition. The place could be trashed, have been trashed and it now cleaned up cover the problems, or actually be in perfect condition…I have friends who have bought foreclosed houses in all three categories in the past 6 months. So make sure you put in your offer that you will pay a competent home inspector look over the place and the deal could be off if serious problems are found that affect the value. Also, make sure you review the title search the escrow company provides you. Foreclosed properties often come with prior leins that you may get stuck with if they are not taken care of before you take possession. And if the title company told you about one and you didn’t do anything about it before…your title insurance probably won’t cover it. Finally, don’t try to buy a bank owned property that still has the previous owners in it! You don’t want to find yourself in a situation of having to try and evict “swatters” after you take possession. The house should be empty (if the bank is renting the house through a rental agency that is ok too).

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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