Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandra asks…

Help with a foreclosure question.?

Would this be ok to have this 2nd home go in to foreclosure? We bought my parents home 5 years ago so they could have money for caregiving/nursing home. We paid $500,000 and mo payments are $3600. They lived in it up until 2 years ago, we put the home on the market for $800,000 for quick sale per real estate person, then market fell out, It is on a lake, very nice area, underpriced for other homes, I have been thru 4 realtors, we currently have it for $485,000, no one wants to buy anything regardless of what they say, we tried to rent it and have to evict the tenant, no payments, We have run out of our life savings to try and keep this on the market to sell, We live in Florida the home is in Washington State. The cost of maintaining the home, lawn care, elect, water and sewer runs $700 a month on top of the $3600. I do not know what to do anymore, we don’t have any more money to put in something that we don’t use and can’t sell, We own a company – how would this effect us if it forecloses? … HELPFUL ADVISE WOULD BE GREATLY APPRECIATED.

Your Questions About Foreclosures

The Expert answers:

If this is not your home a defiency judgement will be allowed to go after you for shortfall.

Keep lowering price every 30 days and ask lender for short sale approval. That is best way to know your lender will forgive short fall debt.

What a shame you used 4 different realtors. Stick with same one and take responsibility for pricing. This has not sold because you are not pricing it properly. It has nothing to do with newspaper ads, open houses, etc.. Get the price right and move on with your life.

Your Questions About Foreclosures

Daniel asks…

Does financing FHA have a limit on profit on a resently purchased foreclosure?

i brought a home at a foreclosure sell in florida 3 months ago, i have a buyer now, what are the guide lines on how much profit i can make.

Your Questions About Foreclosures

The Expert answers:

The last time I sat down and read the guidelines, this is what it said.

No FHA financing for 90 days. That means from the date of closing the purchase of the house, you cannot enter into a contract to sell it for 90 days if the buyer is FHA.

From 90 to 180 days, if the buyer is FHA, and you are selling the house for more than 200% of what you bought it for, then you’ll need 2 different FHA appraisers to agree that it’s worth it. They may also ask for proof of what you did to it to make it worth 200% of what you paid. FHA MAY ask for 2 appraisals even if you are not selling it for twice what you bought it for.

After 180 days, FHA MAY ask for two appraisals up to one year from your original purchase.

Keep in mind, these numbers are counted from the date you closed on the purchase, until the date of entering into a contract on the FHA sale. Also, if the buyer is buying with a conventional loan… None of this matters unless that particular lender wants to ask for something.

Oh, yeah, BTW – HUD’s rules on this has nothing to do with who you bought the house from. It’s NOT pertaining to HUD foreclosures. It has to do with HUD giving someone an FHA loan on a house that someone has only owned a short period of time and is inflating the price a bunch. Even if you bought it from a regular seller and not any kind of foreclosure.

Your Questions About Foreclosures

Linda asks…

Do I need to pay rent on the home i am renting if it is under foreclosure in Florida?

Your Questions About Foreclosures

The Expert answers:

Simply put yes. Florida foreclosures can take a while especially if you are in Broward or Miami-Dade County. So you may have a lot of time left there. Leave now if you want but if it is a good deal wait it out a little. Ask him to let you know when he finds out the sale date, 3 days after that is the official date the house will change hands. That way you can plan for when you need to leave. He can evict you if you don’t pay him so the best thing to do is talk to him. See if he will at least reduce it or come to some agreement. He should return all your deposit because he will not need to make any repairs on the house, the bank will own it. Also, be sure to get all of this in writing if you agree to anything other than what is in your lease. Try not to get evicted by him or the bank, it could go on your record and cause problems for you in the future.

Your Questions About Foreclosures

Richard asks…

Foreclosure Process in Florida, I need help!!!?

I live in Lake county Florida in the city of Leesburg. I believe my home is in pre-foreclosure. I need to know how long I have to get out or what the process is. I have already talked to the bank and I am not able to pay for it any longer my mortage went up $300 more a month. Does any one know the process? If it helps my mortage is thru US Bank.
I am sorry Ii forgot to mention, my home has been on the market for the past yr I have it for sale now a SHORT SALE as a matter of fact and it is 9K less than I owe, I had a family look at it on Feburary 27th but I haven’t heard anything yet. The house belongs to my boyfriends father and he doesn’t care fot it any longer he plans to move back to Mexico here in the next month. I live in the home with 2 kids and due for my 3rd in 1 month so I can not afford the mortage.

Your Questions About Foreclosures

The Expert answers:

Will US Bank work with you on this? Some lenders are doing rate adjustments to keep people in their homes. If that isn’t possible, talk to a live person in the loss mitigation department about a short sale. Then put your house on the market.

If you allow the foreclosure to go forward, it will devastate your credit.

Your Questions About Foreclosures

Donna asks…

What happens after a foreclosure sale in Florida?

My home is scheduled to be sold at foreclosure auction on March 3rd. What is the likely outcome after the sale? I have read I can receive a 10 day eviction notice. Is there a chance my loan servicer / holder, America’s Servicing Company / Wells Fargo will offer to let me rent the home or offer cash to move out? Im trying to figure out how much time I realistically have after the sale date. I have a tenant who is renting a room in my home, the lease is through July. He pays cash, there is a signed lease.
I just got back to work and am trying to save the money to rent, but its going to be close whether I have the time to do so. Id like to rent the home back. Anyone in Florida have experience with post sale issues?
Thank you for your time in reply.
Paul

Your Questions About Foreclosures

The Expert answers:

They’ll give you 30-60 days to vacate. They are going to sell it a sheriff sale to get the money back they loaned you. When it sells, you will be responsible for the difference of what is owed and what it sells for. Once the sale is complete, whomever bought the home owns it, not the bank.
They certainly aren’t going to give you money to move out.

Powered by Yahoo! Answers

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