Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donald asks…

Does a tenant have to move right away if rented home is sold in a court foreclosure sale?

There is a new law that President Obama signed in effect on May 20, 2009 – S.896,P.L.111-22, – nationwide 90 day pre-eviction notice requirement for tenants in foreclosed properties.

Your Questions About Foreclosures

The Expert answers:

Yes, you have a choice, you can either rent from the bank for 90 days or move earlier.

Your Questions About Foreclosures

Nancy asks…

Foreclosures – Home Sales – Bargains?

How funny is it with all these families and people losing there homes, you see all these adds with great advertising PICTURING a happy time in America. People are losing there investments, losing there credit, there dream they could a least be a little more discrete. If these investors and realtors really had some principles they would have not pushed so much. Everything that goes up comes down. I think they thought that a little townhouse in 2002 was 200k int 2008 was going to be 500k. That is just absurd and we that believed just made money for the investor and realtors, that are now sitting on there profits and we are losing our houses and dreams.
It could look as simple loss and gain, but advertising and agressive speculation made skeptical people buy homes because the idea was that prices were never going to stop rising, its not that people were dumb. Its like the president saying the gas price is going to go down and keep going down and we all buy SUVs and all of a sudden things fall apart and we are stuck with the bad end of the deal.

Your Questions About Foreclosures

The Expert answers:

I imagine,lots of the empty homes might get sold now

Your Questions About Foreclosures

Helen asks…

Are there “still” Obama faithful who believe he has an economic recovery plan after the “flagship” plan fail?

http://news.yahoo.com/s/ap/20100820/ap_on_re_us/us_mortgage_aid;_ylt=AoMLf1yjylgyLuHaYXUW9rWWwvIE;_ylu=X3oDMTM0bjdpNnA5BGFzc2V0A2FwLzIwMTAwODIwL3VzX21vcnRnYWdlX2FpZARjY29kZQNtb3N0cG9wdWxhcgRjcG9zAzIEcG9zAzIEc2VjA3luX3RvcF9zdG9yaWVzBHNsawNuZWFybHk1MHBlcmM-

quoting…

Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.

“The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications,” said Mark Zandi, chief economist at Moody’s Analytics.

Besides forcing people from their homes, foreclosures and distressed home sales have pushed down on home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market.

Approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the government program have been cut loose through July, according to the Treasury report. That’s about 48 percent of the those who had enrolled since March 2009. And it is up from more than 40 percent through June.

WHEN IS ENOUGH…ENOUGH???
despite the rantings of the left, there is no assumption here…READ THE QUESTION!!!…im asking for YOUR opinion.

Your Questions About Foreclosures

The Expert answers:

The flagship clearly has sunk. In a high-seas battle the BO administration is reeling if not already beaten down entirely. Anyway, this was to be expected. Banks were handing out loans like Halloween candy thanks mainly to government intervention. While the democrat party was doing this for the sake of portraying a positive image and garnering support, an already over-burdened financial system paid the price. Tax-payers dollars then had to fund the idiotic bailout of financial institutions due to over-extended loans. There was (and still is) no logic in pre-qualifying people for these loans when the “homeowners” could not make their ensuing monthly payments. Now the same political minds that created the original problem actually believes that lowering interest rates will fix the economy. Nearly 50% failure rate? BO and his clueless administration may consider this a success story.
Meanwhile, MSNBC and CNN will sing him praises!

Your Questions About Foreclosures

Robert asks…

Short sale of foreclosure? What is the best option?

I am aware that in California they passed a law about a year and a half ago where if your home foreclosures you are only legally bound to pay back the loan if you refinanced and took equity out not on your original purchase loan. That being said we can still make our payment but the neighborhood is getting really bad with gangs violence and break-ins. I am 20 something female whose husband works nights & I can’t sleep at night anymore since this has started & I think it will only get worse on a house that is now worth 50K less than we paid for it. So would it be better to walk away or see if the lender will accept a short sale. In a foreclosure do they send you a 1099 to get taxed on the difference? Because of the area we live in our houses will be the last to have value return. So we’ll be stuck there for the next 10 years probably & to top it off we have an ARM that we were told how easy it’d be to refinance before it resets so I fear 3 more years it will be too much $ anyways
Thank you for the concern but I would rather have to live with a foreclosure for 7 years than live with not being able to sleep at night or every go out of town or in a worst case scenario live with being raped for the rest of my life. So please answer what I asked not tell me no don’t do that. The values since the neighborhood is so bad are not likely to rise for another 6-7 years. I can’t stay and wait for it to get worse and worse.

Your Questions About Foreclosures

The Expert answers:

In my professional opinion, DO NOT walk
away from the house. KEEP IT, and
keep paying on it.

IT WILL GROW IN value again, but not
for 2-5 yrs. That is ok.

IF you fear gangs, put a computer camera
outside your home focused on a 180 degree spread. That way, the baddies
will have no motivation to bother you.

I can also guide you on how to
rapidly pay down your mortgage,
at no cost to you.

[the trick is to split your mortgage payments into 2 payments; with the
lender’s permission. Doing so
will reduce your long term payments
from 30 to 23 yrs.

Make one payment on the first, the
2nd payment on the 15th.

Also, if you can, get a home occupation
and put 1/2 of all that cash to paying off
the home early.
[its what most grandparents did
50 yrs ago!]

Your Questions About Foreclosures

Joseph asks…

Lost home to foreclosure in 2005. Home recently sold. How can I find out if I’m owed $ from profit of sale?

Houston, TX. I was told in 2005 if home was sold for less than mortgage debt, I would owe $, if for more I was due $. I haven’t heard, and am confident if I owed $ I would have heard. How do I find out how much the property was sold for and if I’m owed $?

Your Questions About Foreclosures

The Expert answers:

I can’t believe have ignorant some of these people are.

You can ask any real estate professional the sales price after it closes. It is public and takes them seconds to find out.

It will take 3-4 months for you to receive your statement from the bank. They can not charge you interest or any expenses after the foreclosure date.

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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