Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Paul asks…

What do i type in to see homes for sale in a certain area in US?

Foreclosures?

Your Questions About Foreclosures

The Expert answers:

If you are looking particularly for foreclosures in your area, check with your county clerk. You can usually get a list. Also many title companies get lists of foreclosures on a monthly basis.

A national site for foreclosures is Realtytrac, but I think you have to pay to use that site.

For foreclosed homes that had an FHA or VA mortgage, go to http://www.HUD.gov. In order to purchase one of these, you need to have a real estate agent make the offer for you, and the agent’s company has to be registered.

If you are just looking for any homes, Realtor.com is OK, but it’s a national site.

I would google “town real estate” or “town homes for sale” where “town” is the place where you want to purchase a home. Look through the list of results and find a local realtor who has a website where you can search the MLS (Multiple Listing Service). These sites usually say something like “search the MLS” or “search all homes for sale”.

Then find a good agent to represent you in the transaction, especially if you have not purchased a home before. This would also be important if you want to purchase a foreclosure. In most areas there is no extra cost to you. It could be that the agent whose website you are using can help, since agents can usually show any home on the market no matter who has it listed. Also there are a number of pitfalls in purchasing a home, so it’s good to have someone who will go to bat for you.

Don’t call the agent who has a home listed (which you might be interest in), since that agent represents the seller and (even though they may help you) do not have your best interests at heart.

Your Questions About Foreclosures

Laura asks…

My home is scheduled for foreclosure sale on Dec 11th… I am also in a Ch 13 Brpcy.. how can I rent?

Thanks… I went to my local HUD office and they have started this process.. I also got a notice in the mail TODAY from FHA/HUD to do the same thing ASAP. Thanks

Your Questions About Foreclosures

The Expert answers:

You will have the most luck trying to rent from an individual rather than a management company. Many private landlords don’t even pull a credit report. Secondly, be prepared to pay a large deposit. If you can tell your prospective landlord that you can pay 2-3 month rent up front in addition to your deposit, they are more likely to rent to you. Getting someone to co-sign is also a good idea, but that is not an easy favor to ask of someone.

Your Questions About Foreclosures

Linda asks…

Questions on Foreclosure & Short Sale?

I am new to this home buying and selling.

– I hear lot about the foreclosures and short sales

Does this happen:

1) home owners can foreclose or short sales there homes, just because they didn’t want to
loose money. Even though they have money in savings,bonds,401K.

Does banks/lenders check or run our financial back ground before allowing us to go through
short sale (or) foreclosures ?

2) Can the house owner not worry about his credit history for another 7-11 years and walk away
from home , rather than loosing money in home ?

3) If the home is in husbands name and he knows he is loosing money. He has enough money in savings and he will transfer all the money to his wife’s account. Now he will file for foreclosure or short sale of his home , and will tell the bank/lender that he doesn’t have money.

Can the bank/lender check the financial assets what husband + wife both have and will take
away money from them ? Or banks cannot touch wife’s money ?

3) Is it just only the people who lost jobs and have real trouble in finances are foreclosing and doing
short sales of there homes ? or even people who can afford or have money are doing some foul play in this foreclosure & short sales ? If YES what are they doing.

Chloe,

So people have option of transferring funds to spouse now and then file for foreclosure/bankcruptcy after 2 years ?

Your Questions About Foreclosures

The Expert answers:

Way too many questions….If you short sale a home, you need to have a financial hardship. You will also need to submit all info on banks, payroll, etc. If the home in your husbands name, and yours, they will want all documents. If you have savings bonds and 401k, it could be considered retirement income. Some 401k’s don’t allow you to take from them for financial hardships, so this aspect will vary. Your credit history isn’t destroyed by the short sale. It’s damaged as a result of the hardship. Generally, you can’t get approved for a short sale until you are at least 2 months behind on your payments. A Short sale will damage your credit for 2-3 years. A foreclosure will damage your credit for about 10 years. Again, make sure you have a true financial hardship. How do you know? Was the hardship a result of something beyond your control….for example, lost job, illness, job relocation, etc. A lot of your question will also depend on which state your are in. If you are in Missouri, St. Louis/St. Charles area, send me a personal message and I’ll see if I can help.

Your Questions About Foreclosures

Maria asks…

How long do you have to wait to purchase a home after a short sale or a foreclosure?

Can someone still qualofy for a loan if they are in the process of a short sale?
Qualify sorry for the typo…

Your Questions About Foreclosures

The Expert answers:

It will be a minimum of about 3 years. If you have corrected the situation which caused foreclosure (e.g. You now have a job paying $200,000 a year after a period of unemployment or temporary disability forced you into bankruptcy or foreclosure); have excellent credit since the foreclosure with no late payments whatsoever; and have saved up a down payment of at least 20%, preferably 30%, you might find a mortgage lender, but the interest rate will still be higher than average. Except under the best scenarios, it will be 5 to 10 years to get a mortgage, depending on how fast and how well you increase your income and re-establish good credit.

Foreclosures & bankruptcies stay on your credit records for 10 years.

You are going to be a renter for at least 3-5 years.

Your Questions About Foreclosures

Robert asks…

I owe 40G in taxes due to home sale. Is there any way to avoid or decrease this?

I just found out that I owe the IRS 40,000. I sold my house to avoid foreclosure. Apparently it was marked as an investment property, so the IRS takes a huge percent. I cannot afford this. Is there any creative ways for me to avoid this payment? Reinvest? Anything?

Your Questions About Foreclosures

The Expert answers:

Not that I know of.

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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