Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mandy asks…

What is “the catch” when you buy a house under foreclosure?

I find it hard to believe that there would be houses for sale as low as $8000,00 for 3-4 bedrooms in nice communities… whats the catch? Or is that all you have to do is pay the bank the remaining default in payments?

Your Questions About Foreclosures

The Expert answers:

Normally, you will pay the bank AT LEAST as much as the outstanding mortgage balance … Plus the collection costs. It is possible to acquire a property for less than the market value at a foreclosure auction. Having said that, there are many infomercials about buying homes for almost no money … I wouldn’t believe that and would be very skeptical.

The one thing to remember about buying a foreclosure property is that you are buying is AS IS, WHERE IS and that means that nobody will make any repairs for you. In the vast majority of instances, too, you do not have the opportunity to look at the home before the auction, so you’re buying it pretty much sight-unseen (unless you can peek in windows, etc.).

It can be a great way of acquiring properties, but it can also be dangerous financially. You normally will put up a deposit that is about 10% of the balance … And must have the financing in order. They are very unforgiving if you can’t complete the transaction and will keep your deposit!

Your Questions About Foreclosures

George asks…

what is the best website to find houses for sale and or in foreclosure for free?

I want to find a website that will show a lot of houses for sale and foreclosures in my area without having to pay some stupid fee. what are some good ones. Im using ziprealty now but it seems to not show a lot of houses available
Phoenix, AZ

Your Questions About Foreclosures

The Expert answers:

Hard to find a central website for free as the information has to be compiled by a third party and that party is usually performing this service for profit, but www.reohud.org has direct links to several of the major REO (foreclosed) property sites.

Good Luck

Your Questions About Foreclosures

Chris asks…

Does a person still have to pay the rest of the morgage after a sheriffs sale if the sales for less than owed?

My ex got the house in the divorce but my name is still on the loan. He let the house go into foreclosure and there is going to be a sheriffs sale I want to know if I’m going to get stuck paying the rest of the morgage if the house sales under the amount still owed

Your Questions About Foreclosures

The Expert answers:

It appears that the question period has expired. If you have received an answer that meets your needs, please choose a ‘best answer.’
Regards.

Your Questions About Foreclosures

Thomas asks…

I didnt find out till the day of the auction sale date on jan,14 2010 that my house was for sale.?

The bank bought back my house at a foreclosure auction on jan 14, 2010. They didnt send me a letter or put a letter on my door telling me about the auction date. Everything that I have read tells me that the bank needed to tell about the sale date ahead of time. Im still in my house know. Still no word from the bank. What options do I have?I also lost my job. Should I get a lawyer? I long can I stay in the house? When will a eviction letter show up? Some people tell me that they will give me 30 days to move out once the letter shows up, some people tell me 24 hrs once the letter shows up. What is the law in denver, colorado? In the foreclosure law summary it states that the public trustees office must also mail at lease 21 days before the foreclosure sale date a letter letting the homeowner know about the sale date. This didnt happen. There was no notifcation about a jan 14 sale date.

Your Questions About Foreclosures

The Expert answers:

You need to go to the county clerks office and look at the filing. It does not make sense that both the bank and the courts would fail to do what was required. You should have started hearing from the bank as soon as you started refusing to repay them their money.

Your Questions About Foreclosures

Donna asks…

if my house is in foreclosure wil the trustee’s sale sale my house the day its schedule for?

or will they give me days, wekks or months to get the money? please help me give me all the imformatio u have on this… need help

Your Questions About Foreclosures

The Expert answers:

Not always. I know of a house that was scheduled for auction in August, it still has not gone. The last court house steps auction I went to, none of the houses scheduled were auctioned. But sometimes the first date is the day your house is going to be auctioned.

If you are working actively with your lender, they will most likely postpone the auction. But if you are not taking their calls, communicating with them in a productive manner, the more likely your house is going to go on the date scheduled. Keep track of who you are talking to, what department they work for, what is said, etc. Because the redemption department does not talk to the foreclosure department and there does not seem to be a central database that can be accessed to see what is going on with a property. It will be up to you to say to the pre-foreclosure department “I talked to Sue Smith in redemption on January 24th and she said that the auction would be postponed 30 days to give me an opportunity to make this current. You can contact Sue at 1800-123-4567, ext. 89. Thank you.”

That sort of thing, I am sure you get the idea. BUt you NEED to be that organized.

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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