Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Robert asks…

Why are the Republican legislators trying to include a money for foreclosures in the stimulas package?

Have you noticed that they want to put money in the stimulus pkg for housing.

What happened to the trillion dollars that BUSH & PAULSON GOT from us in October. Oh and btw the Republicans added pork in the amount of 185 billion dollars.

What are we suppose to just forget that we gave up 1 trillion dollars for that already.

Your Questions About Foreclosures

The Expert answers:

It was only 750 billion, and us republicans made sure the guys that screwed up the banking system were well taken care of

Your Questions About Foreclosures

Betty asks…

How do people find out about foreclosures so soon?

My boyfriend’s mom is a real estate agent and often tells him about houses up for foreclosure since he’s looking to buy. It never fails that within a couple days of the house going on the market, there are 15 or more offers already and it’s too late to bid on it! How can he (or his mom) find out when these houses are going to go on the market? There are so many of them in Michigan where I live – it seems unfair – like insiders are finding out about them before they are even on the market!

Your Questions About Foreclosures

The Expert answers:

FIRST & FOREMOST: You and your b/f should get pre-qualified for a mortgage. Ask his mom to help you do this OR make an appointment with a loan officer at your local bank, savings and loan or credit union. Go there and discuss this with one of the Loan Officers

Here are some ways:
1A] Whatever county you’re in, there is a publication by that county’s Bar Association. The foreclosures and Sherriff’s Sales are posted in that publication.

1B] Go to your local County Court House and ask when the new Sheriff’s Sales are posted AND get ALL the information about how that county conducts its sales.

Without the purchase of any property in mind, personally attend AT LEAST 3 Sheriff’s sales to see how the Sheriff conducts those sales.

2] Call your local DAILY paper and ask when the Sheriff’s Sales are published. Get a copy of that day’s paper and ride around to inspect those properties whuich interest you.

3A] If there is a particular area you are interested in living – within your means – ride through that area and make notes of ALL the properties which are “For Sale”, “For Rent” AND “FSBO” – For Sale [or rent] By Owner”.

3B]Give those addresses to your b/f’s mom and let her do the work to set-up appointments to show them to you. When she makes a sale, she’ll get the commission.

4] You, your b/f and his mom could go to each of your respective banks and ask about “R.E.O.s” [pronounced just like “Rio” – as in Rio de Janiero.]
[“Real Estate Owned”]. These are the properties which a bank has “on the books” AND the bank would LOVE to sell.

Banks are not in the real estate business. They don’t want to be in the real estate business. Those properties are definite liabilities.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

Your Questions About Foreclosures

Daniel asks…

On what site can you look at foreclosures for free, that is actually free?

Looking for a site that lets you see foreclosures for free without entering any credit card info, none of that free 7 day trial but you have to enter your credit card stuff lol. Thanks.

Your Questions About Foreclosures

The Expert answers:

The foreclosure sites have notoriously inaccurate info, you would do well to ignore them and focus on local listings offered for sale. There is no advantage to look at the foreclosure listings since the vast majority of lenders offer thier listings through Realtors.

Your Questions About Foreclosures

Ruth asks…

Are the rash of home foreclosures directly tied to the economy?

Lately, foreclosures have skyrocketed all across the nation!

Your Questions About Foreclosures

The Expert answers:

I don’t think so.
It would have happened anyway.
Home prices were rising too fast because loans were so easy to get.
People didn’t even care how much a house cost – they were buying anything they could get their hands on.

The ARM mortgages is what brought the housing market down.
They adjusted – people lost their homes because they could not afford the new payment.

Lost homes- less homes started being built –
Less building – high unemployment
Lots of people out of work – stores start hurting
Stores hurt – they lay off even more people.

The housing market just started all this mess.
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Your Questions About Foreclosures

Richard asks…

How does “cancellation of debt” work, with regards to foreclosures?

Looking for some insite on this subject. If you have an example, please post.

Your Questions About Foreclosures

The Expert answers:

Heres a site with the I.R.S. Hope this will help

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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