Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Michael asks…

Foreclosure?

How long does it take for a person to be evicted from a home that has gone into foreclosure? And are there any precautions one must take if this is the ONLY option?

Your Questions About Foreclosures

The Expert answers:

It may depend upon which state the property is located in. Speak with a real estate agent who knows the legal aspects of the industry well. Seems like it is 30 days in our state; however, that is based upon information from over 10 years ago.

You may also contact an attorney who specializes or practices law in the area of Real Estate. They should be able to address the specifics of your state; also, if you are a tenant at sufferance, they may be able to assist you from a legal perspective.

Try the link below for further information:

Your Questions About Foreclosures

Mark asks…

foreclosure?

does any body know how long it takes to get out of your home in the state of massachusetts when foreclosure begings i am going into proceedings as o 9/15 and i do not have a buyer for my house

Your Questions About Foreclosures

The Expert answers:

Have a lawyer? He should know how to stall it a bit. I know people in other states that have stalled it for a year or longer.

Your Questions About Foreclosures

Ken asks…

ForeClosure?

me and my husband got a leter saying foreclosure and we dont know what it is are we going to lose our home??

Your Questions About Foreclosures

The Expert answers:

You have to tell more about the letter.

Your Questions About Foreclosures

James asks…

Foreclosure: What income determines what type of loan modification program you qualify for?

My relative is in foreclosure. He’s been in contact with the lender and is trying to work out a modification. They ask about income, rental property, all expenses, etc, then determine what type of program you qualify for. What determines which plan? They have said that he may not qualify for any based on his income. Is there a certain calculator they use or a certain percentage?

Your Questions About Foreclosures

The Expert answers:

He probably would have had to have a LARGE income DECREASE (loss of job), etc since he got the original mortgage to have any chance of getting a modification –

if it’s just gotten too expensive or he had an adjustable rate that just went up – he won’t get any modification

Your Questions About Foreclosures

George asks…

What are the different stages of foreclosure, and what do they mean?

I’m interested in buying a home in foreclosure, but I don’t know what the different stages are or what they mean. I’ve seen “notice of default”, “real estate owned”, “notice of foreclosure sale”, and “pre-foreclosure.” Can someone please tell me the stages (from beginning to end) and what that means to me as the potential buyer? Thanks.

Your Questions About Foreclosures

The Expert answers:

NOtice of defualt is the first step to foreclusure. That’s the lender telling the borrower that he missed a few payments – and that foreclosure is coming.

Real estate owned (REO) is the bank owning a foreclosed house.

Pre forclosure is the best time to buy the house. You can often negotiate with the bank at this time and get a good deal. Remember, good terms are better than a good price.

Notice of foreclosure sale is when there is usually an auction after the house was foreclosed and the bank is trying to sell it to the highest bidder. Don’t try to buy here – there will be tons of people at a foreclosure sale and they call came with mega bucks to plop down on the house. Also they are usually all cash deals.

Good luck – and follow the pre foreclosure route. The others might work for you, but only rarely.

As an investor I will tell you that if you are sking this question, you really are not ready to invest. Read up – learn more and then go for it. Good luck

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