Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Betty asks…

Where can I find the foreclosure houses information? What are the procedures of bidding a foreclosure house?

Your Questions About Foreclosures

The Expert answers:

There are many ways of finding foreclosure information.

I have found that the pre-foreclocure is probably the most adventageous way of getting into a foreclosure. This is contacting the people that own the house and are currently in foreclosure.

You can make a deal, solve their problems and purchase their equity simply by bringing their loan current, giving them some money or a note for their equity.

Once the foreclosure has gone through to the end and the owner had failed to bring the foreclosure current, the lender post a “Notice of Sale” after which the present owner now has 20 days to bring the entire mortgage note current.

If after 20 days the mortgage is still not brought current the lender now selects a place to hold the sale. At the sale you must have the very minimum bid in cash, cashier’s check or money orders in order to bid. A pre-approval or pre-qualified letter from a lender is not cash. If you do not have any of the instruments mentioned above you will not be allowed to bid on the property.

There are several things you need to know when flipping properties.

First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping properties. There are several that you might be interested in.

Once or while you are doing this you should buy one of the TV guru’s distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in taking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.

If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property.

Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.

Now you have to determine how you are gonna market yourself to get.

#1 You can advertise in your local paper that you are in the business of purchasing foreclosures.

#2 You can do a direct mail to people in your city stating that you are now in the foreclosure business.

#3 You can select an area of your city that you want to work and target your that area with your energy. You can walk the area pass out flyers that you are now in the business of buying property distressed, divorced and foreclosures as well as probate property.

Pass out these flyers for at least 2-3 months after which you should go to a newsletter of some sort while still explaining that you purchase properties.

You will want to form a professional team to assist you in your new career field, which should be composed of but not limited to an attorney, cpa, tax preparer, notary public, title rep, real estate agent and others that you feel will make you successful.

They should pass out your business card to their clients that need your services and you should pass out their cards to your clients that need their services

I hope this has been of some use to you, good luck.
“FIGHT ON”

Your Questions About Foreclosures

Chris asks…

need help with house foreclosure information?

i need to find help with a website that i can go to, i need to see if my house is going in foreclosure thank you for your help

Your Questions About Foreclosures

The Expert answers:

Your lender is required to give you plenty of notice. If you haven’t been making your payments and you believe you might be in foreclosure – but have not received notice from your lender – make sure they have your current address. It would also be beneficial to call them and start working out payment terms or loan modification if you have been struggling to make your payments.

Your Questions About Foreclosures

Mark asks…

Information about Foreclosure (Our house was forclosed)?

First my dad got a divorce then he ended up loosing his job and the mortage company knew of this. He took my moms credit cards before the divorce and put them on our paid off house. He then was unable to make the payments and we got a paper taped to the door that our house was going to be foreclosed, we have not got any actual legal papers or anything. The paper taped to the door said an auction date. My real question is how many days do you have to get out of the house? and can they take your stuff and switch the locks and not let you have your things… (I have dogs so i doubt they would go in the house or would they get a animal control person out?) Please help me.. I live in Michigan if that helps on some foreclosure information

Your Questions About Foreclosures

The Expert answers:

Trust me, legal papers have been sent long before the notice was on the door(YES, the sheriff does come and tape the notice to your door..)…you just dont know about them. It’s not possible that your house is paid off , otherwise there wouldnt be a mortgage and your house wouldnt be in foreclosure.Yes, they will go in your house and throw all your belongings into the yard and then they will be hauled away(after your neighbors take whatever they want)Once the house is empty, they will change the locks.Yes, they will have someone come out to take the dogs to the humane society.As far as when you need to be out..that entirely depends on whether or not someone actually buys it. If nobody does than it’s up to the mortgage company and the sheriff that held the auction…you can find out the exact date by contacting either one.You actually have quite a bit of time til you are evicted…as there is a redemption period after the auction of 6 or 12 months where you can try to get a new mortgage…when that time frame is up, you will have anywhere from 1-3 months before eviction…the sheriff will put another notice on your door telling you when the eviction date is..so it wont be a surprise, you’ll have time to move and the horrible scenario that I explained above wont have to happen. I’m sorry you and your family are going through this, but it’s not the end of the world…I promise

Your Questions About Foreclosures

William asks…

Who do I contact for information about my rights as a tenant of a house under foreclosure?

I live in Panama City, Fl and my landlord is goin through foreclosure. She is waiting to hear back from her lawyer whether or not her mortgage company
is gonna work out a deal with her or not. I’m so confused on my rights as a tenant and need to know whether to continue to pay rent or go ahead and move on. Please help!

Your Questions About Foreclosures

The Expert answers:

Prepare to move out. Your lease is invalid 30 days after your final notice to terminate residence.

Your Questions About Foreclosures

Lizzie asks…

How can I get information on a house that is suppose to be in foreclosure but still after two years is not?

I am curious as to where I can get information on a house and how to buy it. It is a house near where my parents live and the woman that lived there said she was moving out to help with her dad and that she could not keep paying for her house. She said that she had not paid the bill in six months so she didn’t know how to sell it to anyone. Now after two years of waiting for it to go into foreclosure the house has not. We are starting to get a little impatient because that is the house we want and there isn’t another house around like it. Or in our price range. So does anyone know how to get information on foreclosures or bank information or just someone to call. It is in Tennessee and I have tried the court house and they don’t know. All the information they have is the tax records for 2008. Any help? Thanks.

Your Questions About Foreclosures

The Expert answers:

At the courthouse there is a record of the lien holders on the property. Check with the County Clerk’s Office. This would include whatever company has the mortgage on the property. They should also have an address for the lien holder. The only problem is that some mortgages are sold to other companies, so tracking down the actual mortgage holder may be difficult. Just follow the path. If this is within city limits, your city hall may have some of this information too, at least an address to which they mail the tax bill (the County Trustee’s Office also has this).

There is a house in my neighborhood that was foreclosed on three years ago, and it still has not gone up for sale. I don’t know why they want to hang on to these properties.

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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