Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

Does anyone know of any free websites for foreclosure homes in Georgia?

Your Questions About Foreclosures

The Expert answers:

Check with the county clerks office website. You may need specific addresses or names for the search.

Your Questions About Foreclosures

Maria asks…

Is investing in foreclosure homes a good business to be in?

I wnat to buy them and fix them up then sell for a profit

Your Questions About Foreclosures

The Expert answers:

Do a lot of research in the area before you leap into this. Make sure you know what type of repair work needs to be done ahead of bidding for it.

If you can do a lot of it on your own, then it’s okay to live there. If you can’t do the work, get quotes and talk to people UP FRONT, not after the sale.

Be careful of capital gains taxes on flipping homes, if you don’t know what I’m talking about then you need to do a lot more learning before you do this.

Basically it comes down to the market – timing, price, location. Better do your homework, and I don’t mean on line. Buy some books and do some projects on your own before you think you can do this.

Your Questions About Foreclosures

Jenny asks…

Please explain the process of Foreclosure homes?

this house im interested in is in foreclosure but at the moment a realtor has it and on the sign is says must Close by 6-30-11…… so what does this mean if they havent sold it yet? does that mean the bank gets it then? then if the bank gets it how do we no what bank ownes the house? please help me understand the process

Your Questions About Foreclosures

The Expert answers:

At this stage, you cannot possible make an offer and close by the end of June. The home will probably be foreclosed by the lender involved shortly after June 30. Unless the lending bank is smaller and local, the lender will contract with a real estate agency for disposition of the property. It could take several months before you see the property listed for sale. The larger lenders (Chase, WellsFargo, Citi, Deutsche etc.) will NOT deal directly with buyers. All sales are handled by real estate agencies.

Your Questions About Foreclosures

James asks…

What should a renter due about possible home foreclosure?

I live in Georgia and I have been receiving letters for my landlord from lawyers. I am suspecting that my home may be at risk of foreclosure. My landlord has told us nothing and I am worried that I may lose the house I am renting. Having no time to prepare and I am afraid that I will be out in the streets with no place to go. Can anyone please offer any help or steps I need to take in regards to this?

Your Questions About Foreclosures

The Expert answers:

Contact the Assessor’s office in the county you live in, or see if there is a link online for the county. (for example type in “Fulton County Assessor’s Office” and look for the .gov link). Tell them that you would like to see if a property is in foreclosure and give them the address. Foreclosures are public record and you should be able to get the information. If the home is in foreclosure, ask when the sale date is. Once it goes to sale, you could have only a few weeks to move. (It’s different in different counties). They can give you clarification about the laws in your county, and how long the process takes.

You could ask your landlord, but they often wont tell you that the property is in foreclosure because they are trying to work things out with the bank, or they just don’t want you to stop paying rent.

If your property IS in foreclosure, there is possibly some good news for you. The President has just signed a bill into law (S 896) that requires the banks to give tenants at least a ninety days notice to move. In some cases, you might be able to complete the terms of your lease. Here is a link for the Bill that was just passed. Good Luck.

Http://www.govtrack.us/congress/bill.xpd?bill=s111-896

Your Questions About Foreclosures

Michael asks…

How do I stall my home foreclosure (BofA) and continue occupancy as long as possible? (in Chicago)?

I have hired a foreclosure lawyer- but he seems conservative. I owe lots but the house is worth lots. Upside down? Maybe- Maybe not. I want to stay as long as possible. I need advice on all possible stall tactics.

Your Questions About Foreclosures

The Expert answers:

Each lender have their own foreclosure procedure and would follow them. The tactics you would or want to employ might not work as some lenders would wait up to and in some cases more than a year before even starting the foreclosure procedure. Some start immediately after missing one month.

What is your foreclosure lawyer doing for you? This might be the person you would want to ask this question of. There are legal maneuvers that might be used such as filing bankruptcy and stalling your foreclosure through the bankruptcy. If you are able to afford this foreclosure attorney why not just pay your mortgage.

Ultimately you are gonna find out that the foreclosure attorney would be of little if any help when your lender start the foreclosure procedure. The lender will follow the legal procedures to complete the foreclosure. As long as the lender are within the guidelines of the foreclosure laws of your state, your attorney would not be able to prevent the completion of the of the foreclosure as he would not have a legal leg to argue in court.

If you simply stay in the house it might be 6-12 months before you are asked to leave, by your lender. Then you may stay until the lender legally evict you from the property by having you physically removed from the property by the law enforcement agency that handle evictions in your state.

You would have to find out the foreclosure procedure in your state.You might better find out the foreclosure procedure the lender would use from reading your loan docs you signed when you purchased your house.

1. Non-judicial
There is no court action, it normally take approximately 90 days to complete this foreclosure procedure.

2. Judicial
Your lender would have to seek permission from the local courts to complete the foreclosure procedure. Your lender and you would have to appear in court. Failure on your part to appear in court would hasten the foreclosure procedure. Normally going through the court system to complete the foreclosure is approximately 90-100 days depending on court appearances and the court docket.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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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