Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

David asks…

Finding info on House foreclosures?

I’m looking in my area for a good deal on a house and with all the foreclosures going on it seems like a best bet to go that way. I found a house with a decent price on it, however it was on realtytrac.com and im not paying for membership. What I did was get the year build and size of it and then cross referenced with state tax information. I found the address of the house and deed information. After I found the deed information I had the lot and block of the house and then went to the county court records online and pulled up any foreclosure information on it. I saw a mortgage/discharge entry listed a month or so ago. Where do I go from here? I’m trying to find out about buying this house and again I don’t want to pay for trial memberships. Should I just call a few Realtors in my area and see if they have any information about the house? I’m just looking for the final piece of the puzzle so I can see about possibly buying this house.
I know I have to go through an agent and it took maybe 5 mins at 4am to find this information. Its not like I could have called an agent at 4am

Your Questions About Foreclosures

The Expert answers:

Realty trac only provides pieces of information and not all together. So there could be more than one lien on any property, but they would be listed separately. And NO don’t pay for a subscription to information that is free at your local courthouse. DA! And use a professional Realtor, not one new in the biz, not one that lists 100 foreclosures, but one who has sold some and listed some. Using a Realtor is FREE and they have all the knowledge and expertise to help you thru a transaction. But….buyer beware with working with lenders, they are not emotionally involved, don’t care what your issues, concerns, likes,/dislikes, time table or the type of breeze you like. They will take their sweet time to provide answers. And NO REPAIRS by most of them. Countrywide is the worst.

Your Questions About Foreclosures

Steven asks…

Should the government put a moratorium on house foreclosures?

I received an email petition today about freezing foreclosures. I did not sign the petition. I am all for people not ending up on the streets but I don’t understand how they expect this to work. Why would anyone pay if they could not be evicted? Are we going to give these people their houses and make the taxpayers eat the loss? For the record I know the mortgage industry is as much to blame as the buyers. Banking should never have been deregulated to allow all the idiotic loan scams and no down payment home purchasing that went on. That being said…

Houses are still overpriced and the market needs correction. Maybe they could freeze interest rates. If your house has been on the market for 6 months and has not sold you are asking too much for it. Home owners need to wake up to the bitter reality that the real estate bubble has burst.

If anyone can explain how freezing foreclosures can work I would like to hear it.

Your Questions About Foreclosures

The Expert answers:

The government does not have any rights in the matter as long as lenders follow the law. It might make business sense to slow things down, but lenders will have to do that on their own.

Your Questions About Foreclosures

Mark asks…

How can I locate a H.U.D.foreclosures house in San Diego, Ca.?

I want to locate a home to buy in San Diego, Ca. I am looking for a home that has gone into foreclosure.

Your Questions About Foreclosures

The Expert answers:

The HUD website for California is http://hud2.towerauction.net/CA.htm

However there are currently no HUD listings in California. Most HUD homes are being used to house Katrina survivors.

Your Questions About Foreclosures

Linda asks…

When can buy a house again after house foreclosure?

I heard the talk show on the radio the other day says three years after the house foreclosure, you can buy a new house. Is it true? If not, when can buy a house after the house foreclosure?

Your Questions About Foreclosures

The Expert answers:

Nancy, At this time we are seeing consumers obtain financing for a home loan within 3 to 5 years after a foreclosure, about 2 years after a discharged bankruptcy and about 2 years after a short sale. If you have suffered a foreclosure you should be prepared for a higher interest rate on your new home purchase. After the 3 to 5 year time frame, lenders will be looking to see what you have done since your foreclosure as far paying your bills on time etc. They may even ask you for an explanation on the foreclosure – job loss, etc. And you should be prepared to put some money down on your new home loan. Work hard on keeping your credit in good standing for the next few years if you plan to get a home loan again. You can do it. You will just have to work diligently towards it. :) - Your Questions About Foreclosures

Your Questions About Foreclosures

Michael asks…

How can I benefit from the foreclosures when now I want to buy a house?

Your Questions About Foreclosures

The Expert answers:

The benefit of a buying a foreclosed home is that you can likely buy it below market value. Foreclosures are sold “as is” so it is very important to have it inspected by a reliable home inspector and it may require some cosmetic work, so bring your handy man with you when you find one you like. Get a Realtor to protect your interests, the lender will pay his commission and don’t be afraid to make a low ball offer!

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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