Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Helen asks…

House in pre foreclosure, score gonna drop bigtime?

Well my house is in pre foreclosure. I have a 570 score now. We are currently showing 2 months past due on my $2500 a month payment. The houseing market isn’t moving in FL. Our Sales date its set for Dec 27th (Great) Merry xmas. We want to look at renting a home. If we hang tight in this house for a month or so i can save some money to put down 1st and last plus Deposit. Hope my score doesn’t drop much more. I make good enough money to handle a 1200 – 1600 payment. So any advise as to what to expect from the rental market. Rentals everywhere due to home sales not happening. My house has been on the market for 2 months not 1 inquire.
I lost my job of 7 years before my first payment. Went through savings in 5 months. I got as much as 120 days past due. Sent them $4k in Jan and been sending them 2500 – 2800 since. My payment is $2459. I got a ok job but the pressure of getting caught up is killing me. My blood pressure is 160 / 100 and i am 28. I have 3 kids and have been working so hard i spend no time with them at all. I just want to get out and start over. That is where i am at right now.

Your Questions About Foreclosures

The Expert answers:

Call Countrywide,they are willing to give you a loan if you can show them your income.My score was 585 and I did get mortgage loan from them last month.It is hard to sell houses this times , especial you are in Fl.They will deal with your finance company and pay off your house,then refinance with lower interest(not much,but everything help at this time).Relax.
Try one of their # in Fort mayer Florida is 2397687087
If it still did not work out.You have to file bankdruptcy chapter 13 (only way to keep your house).We had the same problem what you been now.I did not sleep days then we did the right thing,file bankdruptcy 13 (, 5 years ago.) that why our credit so low.

Your Questions About Foreclosures

Maria asks…

Is it safe to assume that anyone with their house for sale now either can’t afford it or is facing foreclosure?

I’ve noticed A LOT more houses on the market recently in my small town. I’m just wondering if this is because of the housing bubble and those sub-prime mortgages?

Do you think it’s safe to assume that most houses on the market are there for this reason? Of course, I know that sometimes people need to sell their house for other reasons, but the amount of homes for sale in my area has pretty much doubled recently.

Also, a friend of mine has a house for sale as well. I’m pretty sure she can’t afford –her and her husband don’t have very well paying jobs and the house is quite pricey.

I know they bought it on a land contract… why would her house be on the market?

I find this whole situation baffling, could someone enlighten me on the reasons for the market here? I live in Northern Michigan… I know it’s particularly bad here, but it seems like a lot of these are popping up.
I know that it’s none of my business, that’s why I’m asking anonymously on here! Just kidding… I’m just curious honestly as to how this crisis is affecting people in my local area.

Your Questions About Foreclosures

The Expert answers:

You never know why someone puts a house on the market. You also don’t know how long they’ve owned it. Someone might have had a house for 20 or 30 years, and it’s now time to retire. They may have wished they sold in 2005. But, maybe they’re ready to retire now and feel they’re still getting a lot of money out of it now (today’s prices are comparable with 2003’s prices).

Also, while median prices are going down, it’s misleading to assume that all areas of the country, a state, or even a city are going down at the rate median prices are going down. I looked in the paper this weekend and they listed all of the zip codes in San Diego county, with the percentage change in median prices. In some of the least desirable areas, prices went down 40% over the last year. But, I live on a hill overlooking Mission Bay and the ocean in San Diego. And, the median price actually increased 14% in my zip code.

So, maybe people are dumping homes in less desirable areas to move up to better neighborhoods while they have a chance.

Your Questions About Foreclosures

Jenny asks…

Sell, quick sale or foreclosure of our home?

My husband and I just bought a foreclosed house 2 weeks ago. Told me this morning he’s filing for divorce. Neither of us can afford the morgage payments on our own. Not sure what to do so I don’t loose what little money I have. The house sat on the market for almost 2 years before we got it, selling is an option, but might take a LONG time, time we don’t have. Should we try to sell or just not make any of our loan payments and go to quick sale or foreclosure? None are ideal, it’s not an ideal situation. I have great credit, so i’m not too afraid of taking a hit of a couple hundred points…I want to keep money in the bank

Your Questions About Foreclosures

The Expert answers:

Lose not loose.

Call your agent immediately. There may be some sort of clause that allows you to back out within 30 or 60 days of signing the papers for the house.

Past that, I can’t tell you what you “should” do. This is something that you, your husband, and your attorneys will have to work out.

Your Questions About Foreclosures

Daniel asks…

When does the IRS put a 1099 against a short sale or foreclosure?

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

Your Questions About Foreclosures

The Expert answers:

IRS publication 4681.

Your Questions About Foreclosures

Robert asks…

Foreclosure and future marriage – will we be able to buy a new home?

My home has been on the market for 3 years in south Florida and no sale. The homes market value is considerably less than the mortgage. I am attempting to file for ‘deed in lieu of foreclosure‘ I am also engaged to be married and plan on getting married next year. Once we are married will the fact that I foreclosed on my previous home affect our ability to puchase a home in the future. And will it affect my future husband’s credit?

Your Questions About Foreclosures

The Expert answers:

Avoid your deed in lieu of foreclosure a little longer, there is a law that has a chance of passing that will bail out those who are underwater soon. Keep making payments if if only a fraction of your original commitment.

Regardless, a foreclosure in you name will destroy you credit, but not effect your husband’s ability to borrow. So if you want to buy a house in the future you will only be able to consider his income when determining the amount of the loan.

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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