Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

How can you find information on a home foreclosure. The problem is the taxes have not been paid in many years

Forty five thousand dollars is owed. I was told by a town official that they would be starting foreclosure. Can they legally do that? Also, how can you get the specific details?

Your Questions About Foreclosures

The Expert answers:

Yes they can legally do that, every county is different and to get specific details you need to contact your town

if this is your home it may not be too late to save it though.

Your Questions About Foreclosures

Ruth asks…

Can my wages be garnished on a home foreclosure?

I owe 103,000 on a home and small piece of land. Tried selling but no luck. In today’s market probably worth about 80,000. The note has become to hard to make. If I step out I know foreclosure is next. Can my wages be garnished in this situation?

Your Questions About Foreclosures

The Expert answers:

It depends on your state. The ones that allow it still need a court order. You will not be stealing very much, pocketing only 23k. In all likelihood you will just have to pay income tax on it.

Your Questions About Foreclosures

George asks…

If I do not show up for a home foreclosure hearing what will happen?

My home is in foreclosure and I was mailed a letter stating a date to show up at court. Can they arrest me if I do not show up or will they just auto send it thru to foreclosure and start the eviction process. Anyone know for sure. I really, really do not want to go.

Your Questions About Foreclosures

The Expert answers:

You don’t have to show up. This is a civil matter. And when a defendant fails to show up, a default judgment is entered (meaning that the plaintiff will get everything the plaintiff has asked for). The hearing will proceed without you and the house will be foreclosed upon, and then auctioned off. (Generally the bank buys it, but not always.) The new owner will start the ejectment proceedings immediately.

Your Questions About Foreclosures

Ken asks…

How can to use the new law, to stop a home foreclosure, if unemployed?

I heard there is a new law, to help unemployed people, who are in foreclosure. If the Notice of Default has been received, how can I stop the sale?

Your Questions About Foreclosures

The Expert answers:

As of right now, there is no law…. But there is one that is on the table, and is expected to be formally introduced today. The law would require mortgage lenders to reduce a homeowners mortgage payment to a maximum of 31% of the borrowers income if unemployed (this would typically be 31% of their unemployment benefits) for 3-6 months.

In addition to payment relief, there are 4 other key components of the plan. First is that the government will provide incentives to lenders to lower the payments of mortgages that exceed 15% more than the value of the home. So if the home’s value is $100,000… And you own $115,000 on it, banks will be given bonuses if they reduce the loan to less than $115,000.

Secondly, the government will double the amount it gives to lenders to help modify second mortgages and piggy back loans that are a burden on homeowners. So if you have a second mortgage and are struggling to make the payments, the government will be providing more money to help the bank restructure the loans to make it more managable for you to make payments.

Thirdly, the government is looking to provide incentives to banks for helping homeowner who would not qualify for government assitance (for example, they are employed and their mortgage payment is less than 31% of their income) to find other alternatives. As an example, the banks would help in providing assitance for the homeowner to make a short sale of their home.

Finally, the government is looking to expand FHA programs to reduce FHA loans as much as 10% for homeowners who ARE managing to keep their head above water and are making payments.

Your Questions About Foreclosures

Helen asks…

can i buy a home after having a foreclosure?

After having a home foreclosure in Feb 2008, will i be able to buy another home in the future? If so, what are the requirements?

Your Questions About Foreclosures

The Expert answers:

You’ll need about 5 years to pass to get a loan from a bank.
Maintain good credit and actively improve on it.

That being said

You could by a home TOMORROW if you found a seller willing to finance.

Research seller financing to learn more.
Make sure you have a real estate attorney write up the papers to protect you.

There are many desperate sellers out there today and if you can show them a decent employment history and that you are a stand up person you will be able to strike a deal to buy a home.

As an example:
I was recently forced to evict tenants from my rental property.
During that process they purchased a house through seller financing.
They were being evicted for non-payment of rent yet somebody was willing to sell their property to them none the less…

They stopped paying that person just a few months later and were foreclosed upon…

Point of the story is if you look you will find a seller willing to finance.

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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