Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Daniel asks…

Foreclosures?

If a house is on the market as a forclosure will the bank consider a lower offer? or is their asking price what they expect to get? Thanks

Your Questions About Foreclosures

The Expert answers:

The process of buying and selling real estate is always a matter of negotiation. Offers and counter offers are the norm. Do not be afraid to offer less than the asking price. The goal of the bank is to realize enough cash through the sale to satisfy the unpaid balance of the mortgage principal. In a slow market, they may even be willing to take a small loss in order to turn the property to cash.

Good luck with your offer.

Your Questions About Foreclosures

Lisa asks…

foreclosures?

I was just wondering how many people on here, or people that you know are going through mortgage troubles, or foreclosures, it’s happening to us and I wanted to see how widespread this damn thing is.

Your Questions About Foreclosures

The Expert answers:

I am in CA, where it is highest, I am even in the hardest hit area of CA. 3% of homes are either in trouble or foreclosing.

97% of people are good to go though! It depends on how you are looking at it.

Your Questions About Foreclosures

Nancy asks…

Where do I start checking for foreclosures in Illinois?How do I get the list from banks of their foreclosures?

I live in Downers Grove, however I know there is a building in Chicago that I can go to check for foreclosures and to see if there are any liens and etc on them. Also, I’m interested in the lists that banks have of foreclosures. Can someone who has experience in buying foreclosures through their state and through their bank advise me on this. I thank you in advance for your kindness.

Your Questions About Foreclosures

The Expert answers:

There are a couple of places where you can look for foreclosures. Keep in mind that it’s not always as easy as buying a house the normal way.

Here is a list of places you could look:
– real estate agents
– driving through neighborhoods where you would like to buy. The riders on the sign post might say: foreclosure; bank-owned or bank repo
– websites of major banks
– Asset Management Companies (ex. HomeEq Servicing, Premiere Asset Services and Keystone Asset Management)
– government agencies: HUD (Housing Urban Development foreclosure homes), Fannie Mae (foreclosure homes), Department of the Treasury (homes seized by the International Revenue Service) and SBA (Small Business Association).
– web-based foreclosure companies

I hope this helps

Your Questions About Foreclosures

Steven asks…

where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims?

My parents recently lost their home to foreclosure and now they are planning to file for bankcrupcy. They recently went to file their taxes and they found out IRS is billing them 52,000 for abandonment even though they have tried for months asking for help from the banks. Need some advise on how i can help guide my parents to the right people to settle the foreclosures.

Your Questions About Foreclosures

The Expert answers:

What people do not understand is that if/when a property is foreclosed on the borrower does not simply walk away with a FC on their credit. At the beginning of the following year they get a 1099 and have to claim the banks loss as an income and then pay taxes on it. The IRS billing them is understandable, especially if they had unpaid taxes and the IRS placed a 2nd lien against the property.

The other thing that people forget is that the borrower may ask banks for help, but they have to qualify for it. Investors are not ‘handing’ the bank to people because they need help – they have to qualify by showing they can afford a lower payment/interest rate. If they do not qualify this way, or if there are 2nd liens on the property – often the banks hands are tied because the collateral can be FC on by the other lien holder(s) and the risk of loss all the way around is to great.

You have a couple of choices here;

1) If your parents haven’t been evicted yet and if you’re in a “Redemption State” you might be able to redeem the property by making a years worth of interest payments. You’ll want to contact the FC attorney assigned by the investor to get answers to those questions – or look it up on the internet.

2) Again, if your parents are still on the property they still might be able to sell it, possibly even a Short Sale which would mean getting an offer for close to Fair Market Value. You can contact the REO of your parents loan servicer to inquire about this possible option.

3) Move forward. The FC is done. I would inquire (if you haven’t already) with that BK attorney to see if they do anything to reduce the debt owed to the IRS.

Good Luck.

Your Questions About Foreclosures

Sandra asks…

How do I buy foreclosures directly from the government?

Do you have to be a real estate broker or agent (and have brokerage license) in order to buy directly from the government? What prices can I expect on foreclosures in our declining economy? I don’t want to pay anything higher than expected in our current economy. Where can obtain the foreclosure listings and other info for free? Please direct me to a proper website that explains all this. Thanks.

Your Questions About Foreclosures

The Expert answers:

Start with this site http://www.hud.gov/homes/index.cfm.

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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