Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Ruth asks…

How do foreclosures affect buying a house in the future?

Here’s the deal. The last five years I have made my living flipping houses and owning rental property. Everything was going great until last fall. I fell off a ladder and boke my leg in 5 places . I was unable to walk or do any physical labor for 6 months. And long story short I lost everything. By the time it was all said and done I had 15 of my places get foreclosed on including my house.I’m probably going to end up filing bankruptcy because I don’t have the money to pay the creditors what I owe them. I understand that can’t go back out and get a mortgage tommorrow but my question is will I ever be able to buy a house again? And if so. Realistically how long before I can get a mortgage?

Your Questions About Foreclosures

The Expert answers:

If you file bankruptcy? You will need to wait 2-years after it discharges to purchase a home again and will need a large down payment and expect to pay high interest until you have proven you will pay as agreed and can refinance.

Sorry to here about your bad luck. It sounds like you had it going on before you were hurt.

Good luck.

Your Questions About Foreclosures

George asks…

how do i find 2 family house foreclosures?

Your Questions About Foreclosures

The Expert answers:

Foreclosures are filed with the court and it is public knowledge
check with court in the area

Your Questions About Foreclosures

Laura asks…

Will creditors put a lien on my house/car/checking for Unpaid credit cards and foreclosures after 7 years?

I’m planning to foreclose my 2nd house and leave my credit cards bills unpaid for 7 years then it would be removed. My question would the creditors put a lien on my checking/house/life insurance in the future? Also, would my credit reports be CLEAN after 7 years, no sign of unpaid debits?
Would bankruptcy better than just not paying? Would bk take my house & car too?
I’m in California.

Your Questions About Foreclosures

The Expert answers:

1. Dropping off your credit report DOES NOT mean you don’t legally owe the money.
2. They can’t put a lien on anything until they SUE you and secure a judgment.
3. Once they have a judgment, there is NO statute of limitations for COLLECTING in most states.

Your Questions About Foreclosures

James asks…

Mortgage foreclosures in USA increasing and house prices expected to drop 30%. What are the reasons?

Is it purely incompetence and warmongering by Bush and his coven?

Your Questions About Foreclosures

The Expert answers:

Bottom line- No matter what any Joe Schmo trying to sell a house tells you- You don’t buy a house on an almost peaking market with variable interest rates, put no money down, and then pay only the principle on it.
These people can’t even pay the interest on their mortgages now…

And if you’d like, I have a bridge to sell…

Your Questions About Foreclosures

Michael asks…

House foreclosures? Real or fake?

i Saw this on TV that Houses are selling for 300 DOLLARS?
Thats way too good to be true.
I live right now in shitty stupid apartment in new york and i really want to get a house somewhere out of New york cause i hate it here,
besides the point, houses are like 200thousand, but what are
House foreclosures” exactly?
How does it work? i don’t get it.

Your Questions About Foreclosures

The Expert answers:

Dear Matrix,

Thank you for asking. You are correct to question any foreclosure for $200. Even in this terrible economy a personl gets what they pay for and WHO would sell a property for just $200.

Real property typically have multiple legal claims againts them by voluntary lenders (Mortgage Holders) and sometimes involuntary lenders (judgement holders or tax authorities).

These claims represent what are called liens. They are most paid off against property in the time order they were placed against the property. The earliest liens have highest time priority to claim the property in exchange for the debt they hold against the property.

Lien holders are entitled to claim the property in reverse order of the time filing of liens. BUT THEY ARE OBIIGATED UNDER THE LAW TO HONOR AND PAY OFF THE PRIOR LIENS. Assume a $200 K valued home with a 1st Mortgage of $175,000, a 2nd Mortgage of $50,000 and a credit card judgment recorded against the property of $300. If you buy the credit card debt and seek to foreclose you end up with a $200 k valued home upon which you owe $225 K or a loss of $25,000.

What you are seeing on television likely are Government Tax Liens that entitle you to purchase the property for the amount of the lien FREE AND CLEAR OF ALL MORTGAGES OR JUDGMENT.

This is technically true and accurate. YOU ARE NOT TOLD that generally the other mortgage holders have a right of between six months to six years to repay you for your kindness in advancing payment on their behalf at an interest rate of between 5% and 20% per annum and that you must contact them to forewarn of your intent to take over their property with rigidly enforced statutorily prescribed warning notices property property posted and mailed. ONLY THEN YOU MUST COMPLETE FORECLOSURE AGAINST THE PROPERTY IN AN OFTEN HOSTILE COURT OF LAW THAT WILL ALL TOO FREQUENTLY FIND YOU TO HAVE FILED SOMETHING WRONG TO AVOID AN ELDERLY PERSON, A STATE PROBATE ESTATE OR A ESTEEMED CORPORATE BANKING ENTITY FROM LOSING THE PROPERTY TO YOU FOR MUCH LESS THAN FAIR MARKET VALUE.

Yes, property falls through the cracks and some people are rewarded in the same manner and consistency they win State lotteries, slot machines, office pools and Nigerian business scams. ARE YOU FEELING LUCKY. Do you have money for Attorney fees and costs that are non-refundable and non-compensable to initiate foreclosure proceedings against banks and mortgage companies with lawyers at hand ready willing and wanting to swat you like a fly. GO AHEAD… MAKE THEIR DAY!

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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