Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Paul asks…

Is there something hidden in Foreclosure Homes???

Is there something hidden in Foreclosure Homes???
Question Details: I see all these good deals online about buying a foreclosure house, do they really sell at a lower price than market, or is there any tricks, or any fees that they don’t tell you and you have to pay. Please advice, anyone who has done this. what are the risks???

Your Questions About Foreclosures

The Expert answers:

You have to find out why the house is being forclosed is it b/c of taxes? I f yes then you will have to pay the back taxes. Gotta try and find out as many details about the house that you can. Puplic records in the town hall can help you.

Your Questions About Foreclosures

Thomas asks…

When homes are sold that are in foreclosure, do they automatically pay off 2nd mortgage against home?

I am confused because our neighbors had equity line borrowed against their home and this was paid off before the sale could go forward, but other friends have lost their homes and their equity line was not paid off. Why would this be different?

Your Questions About Foreclosures

The Expert answers:

You didn’t say if the first house was in FC. It could have been a short sale.

In regards to the FC home in the post. NO, if the first mortgage begins a FC, then the 2nd mortgage is a loss for the 2nd lien holder.

The only recourse the 2nd has is to purchase the house at the FC sale and pay off the 1st. Then they own the property and can do what they want. But this doesn’t usually happen.

Your neighbor is in big trouble. Since this was a line of credit, they can sue for the balance AND the IRS will tax them on this.

They really should have talked with a lawyer. You can’t just walk away.

Your Questions About Foreclosures

Robert asks…

Where can you find a list of homes that are in foreclosure or near foreclosure?

I would like to find a home to fix up.

Your Questions About Foreclosures

The Expert answers:

Go to morgage brokers, Banks or Title brokers. The forclosure sites we found list homes that are preforeclosure. So they are really not the best bet. Companies in your area will tell you about auctions you can attend. The only bad thing is you don’t get a home inspection buying this way and you can run into some bad problems. But if you have the money to invest to fix it up you can make real good money.

Your Questions About Foreclosures

Mark asks…

Do you feel bad for the people that are losing their homes due to Foreclosure?

Do you feel bad for these people? or do you think that they knew what they were getting themselves into when they signed the loan papers?

Your Questions About Foreclosures

The Expert answers:

Well, you have to look at it this way…

The homeowners went into a home that they couldn’t afford in an inflated market, most probably knowing well that the market has to crash at some point. Now, given that the mortgage companies also knew that would happen and probably did not say so to the homeowners…

My family bought their home in ’02, when the market was climbing, we did not want an interest only loan, or a 100 year loan, or a loan that was ‘too good to be true.” we bought a home that we could afford, it wasn’t a huge home, and it wasn’t a tiny home. It was just right for our budget. Now, we could have gotten a huge home for the same payment if we would have gotten a sub prime mortgage. However, we knew better and decided not to. We have built a lot of equity into our home, and that’s because we played it smart.

Of course i feel bad for the homeowner, but they are partially if not wholly to blame…PEOPLE SHOULD READ THE FINE PRINT…you are not buying a bike here, this is a purchase which could adversely affect your financial well being for life….

Your Questions About Foreclosures

George asks…

are foreclosure homes really selling for $14,000 to $40,000…..?

are foreclosure homes really selling for $14,000 to $40,000…..i cant believe it….brand new homes….?????????…..zip code 30043 (lawrenceville, ga)….

Your Questions About Foreclosures

The Expert answers:

You would be shocked to find out what homes go for on the foreclosure market. I have personally made some excellent purchases through auctions. Namely, the site GovernmentAuctions.org has helped me out fantastically. Through that site, I have attended numerous live auctions and let me tell you – sometimes those low numbers don’t lie. There are hundreds, if not thousands or homes out there waiting to be scooped up.

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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