Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandy asks…

Are people that still have jobs letting their homes go into foreclosure?

They still need a place to live, so even though the houses have declined 20 to 30% or more, why not keep living there? Are they walking away just because the home value is lower, or can’t they afford it anymore?

Your Questions About Foreclosures

The Expert answers:

Yes there are some that are allowing their homes to go into foreclosure because the house is considered upside down. If they were to stay in the house for another 3-4 years this situation would eventually correct itself. I have no idea why they would do this.

They just get the wrong advice from friends and others. Most people with common sense would ride the wave out. Cycles never last that is way they are called cycles they continue to go around and come back.

Smart people that invest in the stock market leave their money in the market and ride the wave until it comes back. The amateurs in any market be it real estate or the stock market will panic and run at the first sign of a little trouble.

Those seasoned investors take advantage of the down area by buying cheap and and waiting.

Those with financial problems will find it necessary to walk away because either they could not afford the house to begin with, an expected raise or financial windfall did not happen, some unexpected financial crisis came up that they could not handle or had no plans for.

Then you had those that bought that should not have purchased in the first place and when a exit plan showed itself they took advantage of the housing situation and left. These people are perennial renters and will always be. Under no circumstance should these people purchase a house, except for investments.

Therefore economically for them they made a financial decision to vacate the property.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Steven asks…

I own 2 homes and can’t afford the second; I’m thinking of foreclosure, will the bank go after my first home?

I can’t afford my second home and I’m thinking about foreclosure. Will the bank go after my first home?

Your Questions About Foreclosures

The Expert answers:

You need to read the mortgage contract with the bank of the one you want to let go. If it is a no recourse loan they will not come after you unfortunately most banks dont do no recourse loans. If the homes are in 2 different states and you have not told them they may not know about it… If you own the house free and clear create an LLC and sell the home to that LLC. They will most likely never look that hard for the home.

Be careful about some things the banks may want to screw you on… Ie… Short sale… They may try to get you to sell the house for less then your loan and then they will file a 1099 with the irs that you will have to pay taxes on that amount as if you where paid that amount…

You could possibly file bankruptcy on any deficiency amount they may try to get from you. They may also be willing to except a much smaller amount then the deficiency if you try to negotiate with them after the foreclosure is done. If you are willing to gamble. Remember your credit will be crap after doing so.

You may want to have a lien filed on your house from a friend to protect it if necessary.

Check out the following educational link to get some info on the fraudulant banking system…

Your Questions About Foreclosures

Mark asks…

Does foreclosure mean that your house gets taken away? is there competition to get homes then?

Since there are a lot of foreclosures right now, and if foreclosure means that your house gets taken away, does this mean that there is competition to get homes now?

Your Questions About Foreclosures

The Expert answers:

Yes if a foreclosure is successful then the bank or a third party entity purchases the home at the auction. I suppose what you are wondering is if all these people are loosing their homes, are they competing with each other to get into new homes? The answer is no. There would be no competition regarding it because of all these foreclosures which are due to the drop in market value, partially, have increased the number of available homes. Second, usually these people can no longer afford a house or they can not get approved for another home because of their credit. So naturally they rent. Therefore it is the renters market that has more competition at this point. Although I have no real proof of that.

Your Questions About Foreclosures

Sharon asks…

Where to call and how to find foreclosure home listings?

I am looking to find a foreclosure or bank owned foreclosure homes in New Jersey. Does anyone know a free toll free number or a really good site where i can get listing of the homes in different counties? or has anyone tried doing any foreclosure listings and what sites or places did you guys call?……….thank you very much.

Your Questions About Foreclosures

The Expert answers:

If you want to find the best foreclosure listings in your area, check out this site

http://foreclosure-listings-national.com/

Here you’ll find thousands of exclusive listings for homes being offered for sale at reduced prices

Your Questions About Foreclosures

Mandy asks…

Where to call and how to find foreclosure home listings?

I am looking to find a foreclosure or bank owned foreclosure homes in New Jersey. Does anyone know a free toll free number or a really good site where i can get listing of the homes in different counties? or has anyone tried doing any foreclosure listings and what sites or places did you guys call?……….thank you very much.

Your Questions About Foreclosures

The Expert answers:

If you want to find the best foreclosure listings in your area, check out this site

http://best-foreclosure-listings-usa.blogspot.com/

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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