Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Michael asks…

What is the process for buying a house in foreclosure or on tax lien.?

Your Questions About Foreclosures

The Expert answers:

Two different processes. Foreclosures are done by mortgage lenders, and they can resell any time. They often sell by closed bid with a last bid deadline and a deadline to pay.
Tax liens are held by the county or city and are done by auction. Payment is usually required by the end of the day of the auction.
On county tax sales, you can get on a list to have them send you an announcement when they’ll be held, and which properties will be sold, the status, etc. The best source of info on those is the secretary who assembles those announcements for mailing, or her mentor, depending on how big the town or county office is.
In both cases you have to be ready to pay in full. It takes research, often there are other liens on property, that has to be disclosed. You also have to check the properties. The county wants its tax, thats all. I saw 5 adjoining lots, one with a house on it, auction for $2500
at a tax auction. Also watched the pastor of a church buy a log A-frame home for 5000 at a tax auction. All built and hooked up, lot included.
I have a friend who bought a house on the edge of a 2 year college campus for 9000 at a foreclosure sale. Good luck. Its worth learning about.

Your Questions About Foreclosures

Nancy asks…

How can I benefit from a house in pre-foreclosure?

Is there really a way a person can just take over the payments of a house in the foreclosure process and just have to pay off the amount owed?

Your Questions About Foreclosures

The Expert answers:

If the house is not quite in foreclosure (and each state is a little different, check with a trusted Realtor or Real Estate Attorney) the seller still may be calling the shots. You typically can get a great deal if the seller is just trying to avoid going into foreclosure and losing their home (and ruining their credit). They are desperate to get out and could sell for the amount they owe plus Realtor fees, attorney fees or whatever. However, read the short sale question and answers to see how the bank may get involved before foreclosure. You really cannot take over the payments on the house unless you were buying a family members home and did an assumable loan (not really popular loan product anymore). And if a home is in foreclosure and going to sale (at a public auction usually at the local tax assessors office) you can typically buy it at $1 over what the bank is owed. BUT you have to have all the money to pay for it within an hour (give or take depending on where you live).

Keep in mind too, when you are buying a foreclosure (especially when already bank owned) get an INSPECTION. These houses can often be in disrepair and the bank/owner will not pay for or do any repairs.

Your Questions About Foreclosures

Linda asks…

Foreclosure in California. My house is in the foreclosure process.?

My question is, once the lender sells the my home in an auction, are the lenders required to give us a certain amount of days notice for us to move out? Or will they just come and lock up my house?
I know a couple of years ago lenders had the right to come and lock up the house even with your stuff still in it without notice. But with the market today, I need to know if they will give some type of notice? And if it is required for them to do so?

Your Questions About Foreclosures

The Expert answers:

Here is some information re: forclosures in CA:
http://www.tdsf.com/forefaq.htm
and
http://www.gtc1.com/library/foreclosure.html

The purchaser has right to immediate possession. After the required three day notice, the new owner may evict any person remaining on the premises by unlawful detainer procedures. The purchaser receives all fixtures and improvements, whether installed before or after the commencement of foreclosure. Even though the sale eliminates all junior liens, if the maker of such note shall come back into ownership of the property, that lien can be revived.

One thing for you to consider: Do you want an eviction on your record after you have been foreclosed upon?

Your Questions About Foreclosures

Lizzie asks…

Will the IRS take my refund if my house is in foreclosure?

My house is in the foreclosure process,but it hasn’t been foreclosed on yet. Will the IRS take my refund to pay the bank the deliquent amount owed on my house?

Your Questions About Foreclosures

The Expert answers:

Here i s an excellent site with some wonderful options for you. It will definitely help you. Have a look. Http://webbiz2.notlong.com/3AASNYz

Your Questions About Foreclosures

Daniel asks…

If I am renting a house, can the bank force me out if the landlord is going through the foreclosure process?

Will the bank take my rent check? Are they required to give me any notice. I live in central Florida, just in case state laws apply differently.

Your Questions About Foreclosures

The Expert answers:

1) The bank won’t take your rent check because you don’t owe the bank the money – the person holding the note until the foreclosure has taken place does.

2) Even if you sent the bank the money directly – if the property is in Foreclosure it will be returned – however, not to you – but to the holder of the note. Actually – how could you pay the bank directly unless you had the loan number?

3) You can’t discuss the loan with the bank .. Because the bank can’t discuss the loan or it’s status with you – unless your landlord (i.e. The holder of the note) authorizes the bank to talk to you.

4) Four months ago if the property was foreclosed on, you would be evicted by the sherrif as the renter. This is determined by the laws in your state/county regarding foreclosure and renters. You should look it up as every city, state, county has different laws regarding the matter. You could probably even go talk to a foreclosure attorney in your area about the matter if you wanted to.

5) *IF* the loan is a Fannie Mae or Freddie Mac investor backed loan, right now there is a moritorium in place that is preventing eviction of renters in Foreclosed properties until March 9th (I believe). If your landlord can tell you the investor name, you will be able to understand how the news applies to you.

All this stuff in the news regarding foreclosures not only relates to the banks and people with home loans, but it also impacts renters of properties going into foreclosure or that have been foreclosed on. It is probably in your best interest to follow that news as well as some of this may relate to your situation.

Powered by Yahoo! Answers

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