Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandra asks…

What is the step by step in buying a HUD property?

I just wondering, if i was interest in looking into buying a HUD property. What do i have to do?

Please explain, step by step with example of a HUD property.

Your Questions About Foreclosures

The Expert answers:

You have to use a HUD approved agent, you can not use any ol’ one.

Find that agent and they will help you with the qualifications you will need. They do almost everything, you will not have a whole lot to do.

Your Questions About Foreclosures

Lizzie asks…

What’s the worst that could happen if you failed a HUD inspection?

I live in a HUD housing authority apartment. I am on SSI for mental problems and have a hard time cleaning my apartment because of my illness. Could the housing authority kick me out if my apartment isn’t clean enough?

Your Questions About Foreclosures

The Expert answers:

Maybe.

Your Questions About Foreclosures

Helen asks…

How do I report a drug user that is on HUD?

I would like to know how I can report an individual that is scamming the Govt. HUD program by (a) using drugs and (b) not claiming financial gain as required by the HUD stipulations. Thanks.

Your Questions About Foreclosures

The Expert answers:

Report drug users to the local police

Your Questions About Foreclosures

Sharon asks…

How can you get out with out forcolsing? Is there goverment help, How does Hud work?

We got suckered into and 80/20 2 yr fixed 28 arm before we knew any better well we are adjustable now and struggling to keep our heads above water. I can’t refinance I have already resigned myself to the fact taht we are going into a lease. SO I have the house on the market but the market is so weak that the house isn’t really worth what I owe on it. I want to find out how to get out with out hurting my credit any more than it already is. Does HUD hurt your credit? How can I get out?

Your Questions About Foreclosures

The Expert answers:

Unless you can sell for enough to cover what you owe your credit will get some sort of damage to it. The best case is if the bank agrees to a short sale which means that they will accept something less than they are owed.

The next, more severe case is foreclosure and that will certainly affect your credit.

Usually any difference between the price the bank gets for the house and what you owe, if forgiven, is considered income to you and you have to pay income tax on it (you get a 1099 form from the lender). The only government assistance that I am aware of is a proposal that would make this non-taxable to you, but I don’t know if they actually passed a law or if it is still a proposal.

HUD is Housing and Urban Development and I don’t believe they can help you.

Good luck!

Your Questions About Foreclosures

Michael asks…

What is the best way to get a HUD home and Do you have to have A one credit?

Trying to figure out what would I need to do to get a HUD home.

Your Questions About Foreclosures

The Expert answers:

Hi!
I am a Realtor and the very 1st deal I completed was for a HUD home.
The very 1st thing you need to do is to locate a HUD approved lender. The best way is always with A-1 credit! But it is not necessary.
This is the 1st step and extremely important. (I had to resubmit the bid several times because the lender was not prepared)
Your lender will let you know exactly how much you can spend.
The 2nd step is to locate a HUD approved Realtor.
Your Realtor will be able to search for only the properties that will suit your needs, get access to the properties, and handle your bidding and contract for you.
The 3rd step is to get an attorney, they will explain each and every paper that you sign and protect your legal interests.
The 4th step is to get a home inspector, they will let you know what is in good condition, which things need repair, or if something is unsafe.
Depending on the local government you may need to pay a transfer tax, or a fee for lawn and leaves, etc.
Once you have spoken to the lender everything will seem much more clear, and things will begin to fall into place.
The web-site for HUD has an overwhelming amount of information.
Please begin with the lender and after that take a look at their web-site: http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
I wish you the very best!
I hope you enjoy your new home!

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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