Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mary asks…

Foreclosed Homes?

If the bank forecloses on your home and the house is sold, is it true you have ONE year where you can still pay the bank the outstanding money owed and have the current home owners in a home legally removed and you move back into the home continueing on with the loan from where it left off when the house foreclosed? I heard a seminar today and a CPA made this claim regarding foreclosed properties in California.

Your Questions About Foreclosures

The Expert answers:

Foreclosure laws, deeds used, right of redemption (if there is one) and time frames vary from state to state. Deeds of Trust that are non-judicially foreclosed typically have no right of redemption period.

Check your state’s laws here:
http://www.truthinforeclosure.com/state-laws.html
http://www.entrusthome.com/index.php?module=pagemaster&PAGE_user_op=view_page&PAGE_id=59&MMN_position=22:22
http://www.forecloseddreams.com/state_by_state_foreclosure_guide

Your Questions About Foreclosures

Maria asks…

Foreclosed homes????

How does it work buying a foreclosed home?

Your Questions About Foreclosures

The Expert answers:

All of the answers already given cover both HUD and REO. However, once a property has reached this point it is already out of foreclosure and in a stage that follows foreclosure. Depending on your state laws (you should check first) there are three to four stages in the foreclosure process.

In a judicial state:
1. Lis Pendens – this is the preforeclosure stage when the lawsuit has been filed against the homeowner for an outstanding debt. This stage can last 12-18 months depending on the state.
2 Judgment – this follows lis pendens and is the time when the final lien amount is determined and the property is scheduled to go to auction.
3 Foreclosure – This is the stage when the the property will go to auction.

In a trustee state the process is much shorter.
1 Notice of Default – this is also a preforeclosure and is filed when a debt is incurred by the homeowner. This stage can last up to 60 days.
2. Notice of Trustee Sale – again this is the acutal auction.

You can find foreclosure information in your local paper under the legal notices. But in most cases this only provides a small selection of the homes in foreclosure in your county. Usually, counties are allowed to print in a number of papers which means you would have to get them all.

There are some foreclosure services out there which can help. Stay away from the nationwide sites as they are poorly organized and can be expensive. They also do not cover an area 100%. Keep it local, try to find a foreclosure listing service that caters to your area. One site that has great coverage and also the tools needed to start doing your research is propertyshark.com. They cover a number of major metropolitan areas in the country and have great coverage and are very organized and easy to use. If they don’t cover your area then you should search for something specific for your area. But these guys are the best site I have found that covers a selection of US cities.

Good luck!!

Your Questions About Foreclosures

Jenny asks…

Foreclosed Homes?

I am considering buying a foreclosed home, but do not know much about it. If the listing says the house is $10,000 or $20,000 or $100,000 is that the price you pay to purchase the house? Im really confused.. thanks :) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

If you’re confused on this, then I would suggest you get down to the library or bookstore and read up. There are many risks with foreclosed properties. And if you take that stage as a rookie without adequate knowledge, that’s an invitation for the sharks to have an easy meal.

Why would you want to consider an investment that is confusing for you. Are you rich?

Your Questions About Foreclosures

Steven asks…

Foreclosed Homes?

Where is the best (and cheapest) website to look for them. I don’t need a monthly/weekly membership or anything. I just want to look for a little bit and print some things off.

Your Questions About Foreclosures

The Expert answers:

I have not found any websites that post this info for free…but you can go to your local recorders office and see them as soon as they are recorded

Your Questions About Foreclosures

Daniel asks…

Is there a catch to buying foreclosed homes?

I was looking online for foreclosed homes and it seems to me that 19k for a three bedroom house in columbus in a decent neighborhood seems a little suspicious Can anyone explain how it works and why the homes can go for so cheap and if there is any kind of a catch.

Your Questions About Foreclosures

The Expert answers:

There’s no catch, but you do have to be careful.
Some homes have undisclosed defects, such as bad electrical or pluming. Some have bad foundations. These issues can cost thousands of dollars to repair.

Get a Contractor and home inspection before you submit any offers for foreclosed 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