Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mandy asks…

What happens if house does not sell at foreclosure auction?

House in small town. If doesn’t sell does owner get to stay until it does?

Your Questions About Foreclosures

The Expert answers:

No, the owner does not stay. The bank is the owner, and they are not interested in living there.

They vacate the house and put it up for sale.

Your Questions About Foreclosures

James asks…

Where can I get info on buying a house from auction?

I want to buy a house in foreclosure auction. Where can I get info on the net or otherwise on how to do this? I haven’t had any luck with google search. Anyone buy a house at auction b4? advice?

Your Questions About Foreclosures

The Expert answers:

Have done a bit of research..never done it..

You have to have the financing available before you go to auction or have the money readily available

I would recommend finding some auctions, checking out the properties they have for auction before the auction, and watching to see how the auction process works and what the prices are of houses. (My bf and I did this…we were surprised to see this piece of junk condo whose starting bid was 20k go for 150k! And beat up junky houses were going for almost the same cost as NEW houses! We were baffled by this!)

Find out if the house you are actually bidding on (when you do go) has any liens on it ahead of time. If you get a house for 50k but it has liens on it, it will end up costing a lot more in the end!

I would get a book and do more research on this before attempting it:

http://www.amazon.com/Complete-Idiots-Guide-Buying-Foreclosures/dp/1592577210/ref=sr_1_1?ie=UTF8&s=books&qid=1202002470&sr=8-1

Your Questions About Foreclosures

David asks…

Following a foreclosure auction, can a house be saved?

Home has already been sold at auction. I believe there is a 90 day redemption period, which means coming up with total amount due. Is there any other possible means of saving the house at this point?

Your Questions About Foreclosures

The Expert answers:

No, That’s it. The length of time varies by state. Sorry.

Your Questions About Foreclosures

Sandy asks…

Help!!! Can I purchase my father’s house at a foreclosure auction?

My father’s house is up for sale at an upcoming foreclosure auction (he didn’t tell me he was in trouble). An attorney friend of his claims that I can purchase his house at the auction just as any other person would. I’m surprised by this – it sounds like a type of fraud or something. The atty says I can save dad from debt, if the property is in my name, without incurring any (debt, title, penalty, lien) responsibilities. The state is Ohio. Is this legal??

Thank you very much!

CJ

Your Questions About Foreclosures

The Expert answers:

You may bid on the property at the foreclosure auction.

If the property has not gone to the auction as of yet, you or your father simply have to bring the mortgage current or pay off the existing mortgage.

You should call the lender, find out what stage the foreclosure is in. If they are willing to accept the mortgage being brought current you will save lots of money.

Normally the lender will allow you to cure the foreclosure at anytime prior to the sale. Communicate with the lender immediately.

Depending on how long your father has owned the property, in this case the loan amount might not come close to the current value of the property even if it has drop in appreciation some what.

If you obtain the property by bringing the mortgage current or at the foreclosure sale, you and your father should do a little estate planning with your attorney. Like make a living trust to include a will and perhaps someone to over look your father’s affairs.

What is Foreclosure?

In most states, when you buy a home there are actually two parties on the buying side: you (the mortgagor) and the lender (the mortgagee). You own the home, but the mortgagee holds a lien on the property for as long as the mortgage has an outstanding balance. The lien gives the lender the right to assume ownership of the property should you fall behind on payments.

That process by which the lender assumes ownership is called foreclosure.

The Process for Ohio

In Ohio, all foreclosures are handled through the courts. The typical time line for an Ohio foreclosure is seven months.

Pre-foreclosure Period-

To begin a court foreclosure in Ohio, the appropriate court documents are filed in a local court. The borrower is then given notice of the court filing, usually by certified mail, regular mail, or personal service. If a borrower cannot be located, the lender may publish the notice of the court filing.

After the notice has been properly delivered or published, the borrower has 28 days to respond or the court can find them in default. After the court makes its decision, the county clerk issues an order of sale to the sheriff.

The court allows borrowers to pay the debt amount within a certain time. If the borrower fails to pay, the foreclosure process continues.
Notice of Sale / Auction-

Before the foreclosure sale, the sheriff must obtain three appraisals and publish an ad in a local newspaper for three weeks. The sheriff then conducts a public auction at the courthouse. The sale price must be at least two thirds of the appraised value, and the property is sold to the highest bidder.

After the sale, the court reviews and files an order confirming the sheriff’s sale. The sheriff prepares and issues a deed transferring ownership to the winning bidder.

The borrower has a right to redeem the property at any time before the sale is confirmed by paying the balance owed and court costs.

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

“FIGHT ON”

Your Questions About Foreclosures

Paul asks…

If I’m renting a house under foreclosure and it goes to auction, should I still pay rent to the landlord?

The house already went to auction and no one put a bid high enough to get the house. My landlord still wants me and my other roommates to pay rent and is telling us she’ll evict us if we fail to pay the rent, but as far as I know she is not the legal owner still. Or do we have to pay still while the process of ownership to the bank is finalized, and how long does that take?

Your Questions About Foreclosures

The Expert answers:

You have to pay her while she owns it.

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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