Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

Is it legal in Nevada to place a home for sale that has already begun foreclosure proceedings to prevent loss?

To reiterate; a house-whose payments are not past due that is being foreclosed-on by a second lienholder who wants to protect their interest. If the current homeowner receives a notice of intent to foreclose – can they place the home for sale in order to prevent the home from being lost to the 2nd lienholder – as long as – if the home is sold – all liens have been satisfied?

It seems only fair and logical that selling the house would be allowed, but I’m curious if anyone has knowledge otherwise.

Your Questions About Foreclosures

The Expert answers:

A second mortgage holder can not foreclose “to protect their interest” or otherwise unless the payments are late so your question makes no sense.
The house can be sold up to any point in the foreclosure process before the foreclosure sale.

Your Questions About Foreclosures

Robert asks…

Can I afford to buy a foreclosed or short sale home in the San Diego area?

I currently live in the Midwest, and my family is planning to relocate to the San Diego area within the next 2 years. Coming from the Midwest, where things are a lot less expensive, it is difficult for me to get used to the idea of paying California prices for a home! My husband and I both work in health care; he’s an x-ray tech, and I’m a nurse, so we are employable and not too broke, but not wealthy, either.

Anyway, my question is, if we have only about $200,000 to spend on a home, and we don’t need a lot (other than a reasonably safe neighborhood), would we be able to buy a foreclosure or short sale home? How would we locate these types of properties for sale?

Before anyone suggests living in an apartment, I need to point out that we have dogs and cats, so we need a yard we can fence. Also, we have 2 kids, so a family area would be nice.

Thanks!

Your Questions About Foreclosures

The Expert answers:

To be perfectly honest with you…I would not buy a home there until I lived there at least a year. How do you know you’re going to actually like it? Hate to tell ya…but I was SOOO excited to move to Colorado. But after 6 months, I hated it. Can I tell you how happy I was I didn’t buy a house like I originally planned?

What seems like a great deal up front…could be a nightmare in the long run if you want to get out. LOTS of vacant houses right now for rent in San Diego. Just look it up on the internet.

Your Questions About Foreclosures

Carol asks…

My home was sold at a foreclosure sale that did not involve my mortgage company, and while under appeal.?

My home was sold at foreclosure sale that did not involve my mortgage company and while the issue were under appeal. A certificate of sale was issue for $100 to a corporation and a objection to this sale was file. No hearing for the objection to the sale was granted. Howvever, nine months later a judge issues a deficiency degree and then has me and the corporation listed as the grantee, from the certificate of sale. The corporation now wants a writ of possession on the home even though I am the grantee. Will a bankruptcy help save the home.

Your Questions About Foreclosures

The Expert answers:

You need an attorney. If your mortgagee didn’t foreclose, who did? A first mortgage is a superior lien, only to be trumped by a federal tax lien. If a junior lien initiated foreclosure they would have to assume the first lien. There must be some missing information. If the action was properly appealed, the sale would have been put on hold until the appeal was heard and decision rendered. Now you say there is a deficiency judgment. In whose favor? Need more information.

Realtor.sailor

Your Questions About Foreclosures

Jenny asks…

Where can I search for Fixer uppers/foreclosures/Homes for sale /bargain’s around Taylor,Texas?

Someone looking for small investment and something to work on/ I like the Taylor area.

Your Questions About Foreclosures

The Expert answers:

GO ONLINE.

Your Questions About Foreclosures

Laura asks…

Realtytrac categorizes homes into 4 types (Pre-Foreclosure, Auction, Bank-owned, Homes for Sale). What’s the..?

difference between Bank-Owned and Homes for Sale? I see some of these “Bank-Owned” homes dating back to August 2008. Have they really been in inventory for that long and why would banks leave them there?

Your Questions About Foreclosures

The Expert answers:

Homes for Sale is the usual private sellers [mostly owner-occupied] in the MLS system.

Bank-Owned means what it says — mortgage company or their agent has title, which they got through foreclosure or deed in lieu of foreclosure, etc.

***
as to why — sometimes bank owned also means damaged, or even heavily damaged. You have to go see them to know what the current condition is — which is good for about one day.

Some banks aggressively auction off a foreclosure as soon as they get title. Others repair the houses first. Others are swamped by the volume and no action gets taken for a while — during which period the property may be damaged by vandals or squatters.

Rarely, there is some legal issue that needs to be resolved which slows up the foreclosure sale. Sometimes a bank-owned was offered through MLS and just didn’t sell [usual MLs contract is 90 days, so if bank tries this twice — the house is now 7 months in their hands.]

hope this helps

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