Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mary asks…

I have 2 homes that I have rented out, this covers the mortgage and more. Can I buy another home to live in?

I recently moved from Austin, TX to the Houston area as I have taken up a new job. This required me to lease a home and rent my home in the Austin area. This rent covers the mortgage, Insurance and home owners warranty and leave me some money (about $50 to spare). I also bought a foreclosure investment that I have rented out as well. Same thing rent covers the mortgage and insurance and maintenance warranty. Can I buy a third home? I have never been late on any payments mortgage, credit cards and car. I do not carry a balance on any credit cards. I can afford to pay 10-12% down payment.
I have pretty good credit. No bankruptcies etc. and a pretty decent score.

Your Questions About Foreclosures

The Expert answers:

Talk with a lender or mortgage broker to find out if you can qualify for another home. You will have to have rented out the properties for a while (at least 6 months) and be able to prove the income from them. Sometimes they require a copy of your Schedule E form from your federal taxes (it lists additional income from things like rental properties). So, you would have had to be renting the properties out as long ago as last year.

Also, when calculating the income from a rental property, the lenders only count 75% of the rental income when calculating your debt-to-income ratio (which determines how much, if any, they would lend to you to buy another property).

Your Questions About Foreclosures

Sandy asks…

Have you sold your house to webuyuglyhouses.com???

I was wondering if this was good? I’m not looking to make lots of money off of selling, my dad was recently incarcarated and got a divorce, and step-mom took his retirement and left him with the house knowing he couldn’t pay for it. (She’s real nice) So I’d like to just sell it to not have the foreclosure, but I was just wondering if anyone had ever done business with this company before?? Or if you know of any other businesses that buy homes quick??? (austin,tx area)
House is about to get foreclosed in 60 days!! Stepmom was originally asking for house in divorce so we didn’t know he was getting stuck with it. So don’t have time to put it on the market.

Your Questions About Foreclosures

The Expert answers:

Why don’t you try doing some free marketing first to see if you can generate some interest in the property. Then if you don’t sell think about a listing with a real estate agent for a short term, a month or so. If you have no luck with those, then as a last resort look into one of the “we buy houses” people.

Your Questions About Foreclosures

Nancy asks…

Is it a “buyers market” in Austin right now?

I am buying a house and I keep seeing/reading it’s a buyers market and that there are TONS of homes for sale so I have the power, yet I don’t feel that way. Many of the foreclosures are beat up and UGLY. If someone has a property in good/move in ready condition they want full asking price for it and are not negotiation alot. I have an offer in on a house but am considering backing out due to issues with the inspection. There doesn’t seem to be alot of choices out there in my price range, neighborhood, that are move in ready. Should I work with the offer I have or wait unti something “better” comes along? I do like the house BUT what if I could get a better deal later?

Your Questions About Foreclosures

The Expert answers:

You will always think you can get a better deal later. You must evaluate your situation and decide if you want to wait for a better deal or negotiate on price. The reason many people are telling you it is a buying market is because of the sub-prime mortgage mess that we are still going through. What happened was people were sold and bought houses with monthly payments they couldn’t afford. Many people foreclosed on the houses or had to sell them because they can’t afford them. When supply increases the price of houses goes down. It is a buyers market because there are more houses for sale than there are buyers. With this in mind, you can get an attractive price. Do your reserach on the Austin area and figure out what the house was selling for a few years ago. You should be paying less than this price. Also, please make sure you can afford this house before you buy it.

Good luck

Your Questions About Foreclosures

Jenny asks…

Do the carpet cleaners work that you rent at the grocery store?

I live in Austin TX.
I just bought a home (HUD foreclosure) & the carpet is yuk!
I’m hoping to pull it up soon (begining of 2008) but in the meantime I have to clean it somehow!
I think the previous owners had pets or something, I don’t know how anyone can get a carpet THAT dirty!

My question:
Has anyone used those carpet cleaner rental thingies you rent at the grocery store (or anywhere, I don’t know what they’re called but they’re those bulky red/blak cleaners..

Any suggestions on getting the funk out?
My whole house STINKS & I think it’s coming from the carpet.. if it’s not.. then I’m SOL!

Your Questions About Foreclosures

The Expert answers:

THe ones around where i live are called Rug Doctors. I’ve used them, and i really think they help. They’re definately better than not doing anything.

Just be careful not to use them too often – my panrents used to use them all the time, and then found that the insulation under the floor (under the house) got wet too, (because they did it so frequently), and it came away from the floor, and was no longer effective. It’s best to do it in the summer itme, when the air is warm, and will dry it out. But, if you don’t do it frequently, and you will be replacing the carpets soon, i’d suggesst go for it.

Your Questions About Foreclosures

James asks…

Will you help me please?

I’m a 22 year old white male who is up to my ears in debt. Actually, I put my unknowing parents further into debt than anybody should ever be. It started a few years ago when my diabetic step-father went into a diabetic coma, had several TIA’s (strokes) and became fully disabled. Shortly after this happened, they lost the house they lost the house he had lived in for 20 years. Luckily, my mother was granted early retirement from the State of Illinois, and upon retirement, decided to move to Florida. The move was due to a number of reasons including the fact that my mother’s mother, and older sister live there, and also my step-sister. The move to Florida was a major mistake, and the 3 of us are paying for it to this day. In fact, there was only one good thing to come out of the 3 years we spent there, but I’ll get to that in a minute. My mother was given $91,000 for her retirement, and like a fool, put it down (well, half of it anyway) on a stupid manufactured home, and took out a mortgage on it. I (18 at the time) decided to go with them to Florida, because I was involved in certain activities that would lead to me getting killed, or imprisoned. I was scared for my life, so I fled to Florida to live with them. It turns out, the silver lining of the whole experience was that upon arriving in Florida, my diabetic step-father was placed on the top of a very long list for kidney transplant recipients. This was a gift and a curse. Yes, it saved his life, thank God, but it also placed up in a world of debt. The doctor’s fee alone was over $144,000 , not to mention the other fees associated with such an operation. After filing bankruptcy, I thought that everything was going to get better, but I (as usual) messed things up for everyone else. At the time, I was making pretty good money, and thought I was ready to take on the responsibility of a car payment. I went with my mother to a used car lot, and convinced her to put the car in her name. They gave us a loan for $9,000 and set me up with $276 monthly payments. That was pocket change to me at the time, so I figured I’d have no problems keeping up with my payments. I was wrong. My step-dads health got worse, and he started to make trips to the hospital a few times a month, which led to even greater bills. With my mother retired, and step-dad fully disabled, I did the only thing I could, and relinquished everything I had to them. After doing so, I couldn’t afford to have insurance on my car, so the loan company took it upon themselves to provide me with their own insurance, at the cost of $2000 every 6 months. My monthly car payments skyrocketed up to over $400 dollars a month, which they are still at now. Shortly after losing my very well paying job, we were no longer able to afford the mortgage payments, and ended up losing the house in foreclosure. When we defaulted, all that was needed to own the house free and clear was $10,000. We tapped every resource available to us, and still ended up losing all the money invested, since everyone we knew was either unwilling, or unable to help. After losing our house, we moved here to Austin Tx. where my aunt gave (loaned) us $2,000 to pay for moving expenses, and pay first months rent on the place we’re at now. I’m currently working at yet another dead end job, and we are once again on the verge of being homeless. On top of this, I’m getting threatening letters and phone calls every day from the company that gave us my car loan, stating that if I don’t give them $11,000 (the amount remaining on the loan, due to the added insurance) in x number of days my car will be repossessed, and I will not see it again until the full balance is payed off. If you are still reading this, than I can only assume you are concerned for our family’s well being, and I am hoping that concern might lead to some act of kindness. I’m only 22 and am not very knowledgeable in debt management, but all information and advice is welcome and appreciated. If you might have $11,000 or anything for that matter laying around, and are able to help out, you are a godsend. However, if you might have some other solution to our problems, I would love to hear them. Thank you for taking the time to read this, and God bless.

Your Questions About Foreclosures

The Expert answers:

Dude I can’t help you financially but I can give some advice.I am sorry to hear about your situation but you need to start living for yourself and what I mean is;You have to work two jobs.Go to Wal-mart part time then find a full time job.I myself filled bankruptcy years ago and put myself back in dept with a car.Bad mistake;I should have got a hoopty instead.Give the car back then buy a car for 2 to six hundred and fuck the looks dude.Family first but you also have to be a man and take care of yourself also.That is kinda hard to do with your family illness.Pray and start going to church and talk to god.The bank wants the money and still might repo the car and keep your money.find another car first then turn the car in to them.Be prepared for them to try to stick it to you with the remaining balance of the loan.Send what you can to prevent that from happening.Bail yourself out homie.Good Luck And God Bless.

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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