Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Betty asks…

Mortgage loan help: Buying tax liens and pre-auction homes in foreclosure?

Just got off the phone with Citi (spineless) Mortgage. Can anyone tell me where I can find, preferably in DC, a mortgage broker who could get me a loan I could buy tax liens with and/or buy properties in foreclosure, before the trustee auction? (I know most tax liens are redeemed by the owner.)

Your Questions About Foreclosures

The Expert answers:

You would have to obtain personal loans for tax liens, you can’t get a mortgage with no title.

You would purchases unforclosed homes just like any other, although most would be short sales. Obtaining a mortgage for a short sale is just like any other mortgage, no special requirements are on the buyer.

Your Questions About Foreclosures

Daniel asks…

why are some foreclosure homes listed twice?

i saw a condo unit using a specific bank’s website search engine, and then i saw the same unit in another property search engine at different prices.

Your Questions About Foreclosures

The Expert answers:

This home probably has 2 unpaid mortgages, a common scam that is happening nowadays. Don’t be fooled by a cheap house in foreclosure, the occupants before you, and before them probably both defaulted on their payments. This means one bank will sell you the house on the pretense that you are taking over one of the unpaid mortgages, and they won’t tell you about other amounts owed from previous tenants until you’ve closed on the house. Or the house is just for sale through multiple realtors (ALSO a common practice)

http://www.usatoday.com/news/nation/2008-01-13-mortgagescams_N.htm

Your Questions About Foreclosures

Sandra asks…

Does the remarkable home foreclosure rate indicate a hidden problem in the economy?

For the record, I have an MBA from a top 10 bus. school, and, a professional career in financial management. I am no chicken little the sky is falling thinker.

This is an issue that is troubling and interesting. 180,000 foreclosures reported in July, 93,000 in that same month one year ago, and that, was considered a high mark. We are approaching some 2 million foreclosures a year quickly. To put this in perspective, there are about 100 million households in the U.S., with about 60% of those, owning homes. This means that more that 3% of households will forclose on their property, PER YEAR! Could we be looking at the foreclosed home generation?

I am not indicating that the government should bail people out of their losses, rather, wait is the problem underlying the issue? Predatory lending or wacky ARMS might be a contributo, but, they are but a small piece of lending, with 10 – 20 down with a fixed mortgage of 30 years, still, the average, the norm.

What’s going on?
Let me know if you have any data concerning contributing factors to this issue.

Your Questions About Foreclosures

The Expert answers:

The problem is even bigger than most think. 10-20% downpayment is not the norm btw. Aggressive lending guidelines over the past 10 years due to investors buying these loans were the problem. As long as lenders coud sell these loan and make $, they did. Also, the public in general looks at their home a a line of credit and many have refinanced many times and got equity lines. So many questionable and good credit people bought homes with 0 down or did 100% refis without regaurd for the loan type assuming they can just refi when there loan adjusts. Then foreclosures started in the urban areas first.These houses were sold by the banks to investors for a loss, causing comparable sales for appraisals on future mortgages to go down. This has bled out to the suburbs now,causing house values to plummett and will continue in a snowball effect.
Now,even people with good credit are going to have around a 30% increase when their loan adjusts which will create even more foreclosures and lower house values. They can’t
refi because their house is now worth les than what they owe.
I definitely see a recession on the horizon and this will take years for home values to turn around. Until home ownership goes back to around 40% where it belongs,it wil get worse.

Your Questions About Foreclosures

Maria asks…

Are we nearing extreme violence with some of the home foreclosure actions occurring by Banks around America?

Some banks are now coming in as mortgage payoffs/catchups are in process, and simply changing locks/selling the homes.
All 50 States/Attorney Generals are now investigating.

Are these the strangest times in our lifetime?
g. I noticed that too about Fox News not reporting some of these examples.

Your Questions About Foreclosures

The Expert answers:

I’ve wondered for a few years how many people don’t go shooting up health insurance offices and ENRON officials…

I mean I know people that have cancer and got dropped… What did they have to lose at that point? They can’t afford the care, after they paid for years for coverage…

LOL… Apparently this didn’t make it on Fox News?

Your Questions About Foreclosures

Linda asks…

Where do I find a realestate agent that knows about foreclosure homes in my area? I live in Minnesota?

I live in Minnesota (Twin Cities)

Your Questions About Foreclosures

The Expert answers:

100% of them have access, foreclosures are listed in the MLS, just like all of the other homes for sale.

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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