Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sharon asks…

How do I purchase a foreclosure home that is owned by the bank?

I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?

Your Questions About Foreclosures

The Expert answers:

Your best bet is to contact the bank that owns the property directly.

They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city.

Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan.

Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask!

Where did you “find” these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to obtain that information.

Often, the price listed is the amount of the loan that has been defaulted on. Not necessarily the first loan which would have priority in a foreclosure sale…

$10k for a house is usually not the sale price. Did you find the listings on the Yahoo! Foreclosure site?

Your Questions About Foreclosures

Carol asks…

do banks give out free foreclosure lists?

i am looking for foreclosure homes to look at
and i cant seem to find any websites that give me the exact address of the homes so i can go check them out,
so im wondering if i can get a list of the homes in the bank?
i have a bank of america account by the way, dont know if that matters

Your Questions About Foreclosures

The Expert answers:

All you need do is contact a real estate agent with whom you are comfortable. Over 95% of foreclosed properties are listed with real estate brokerage for disposition. A real estate agent can show you any or all of them.

Your Questions About Foreclosures

Richard asks…

Which part of the stimulus plan addresses the dramatic increase in home foreclosures?

From 1990 to 2004, foreclosures were about 1/2% of all home loans, and by November 2008 they have quadrupled.

Hello? Anyone out there paying attention?

Your Questions About Foreclosures

The Expert answers:

HAH ! Isn’t that what got this whole ball rolling in the first place?
As for Congressmen Dodd and Frank, I will not hold my breath.

Your Questions About Foreclosures

Donna asks…

I’m a tenant who received Fed-Ex Envelope from Bank of America “Home Retention Group”…Foreclosure to follow?

Today I received an envelope that was overnighted by Fed-Ex from Bank of America Home Loans and the return address showed “Home Retention Group”. The envelope was addressed to the owner (our landlord). After doing some research it seems to be that this group works with people who are facing foreclosure or behind on their payments. Does this mean that the home is in danger of going into foreclosure or possibly already in the stages of foreclosure?

I’ve contacted the landlord and am waiting to hear back from them.
I consider this my business since we just signed on for another year. A few years ago, we rented a home that was in foreclosure and the owner did not disclose this information to us. We found out that she was in foreclosure only after a sheriff came and gave us 48 hours to move out.

Your Questions About Foreclosures

The Expert answers:

It sounds like they are late on a house payment. It isn’t any of your business at this point.

Your Questions About Foreclosures

Michael asks…

florida foreclosure question?

my wife recently left the family and moved out leaving me( dad/husband) with the house and the kids. our home is on foreclosure and has begun forecloser by bank of america. the LOAN was in HER NAME ONLY, while the deed to the house was in BOTH of our names. since she has changed her mailing address she is now gonna be the only one to have knowledge as to when the bank is gonna finally say ” ok, foreclosure is complete, you have 30 days to get out” we have lived here so far for 4 1/2 years, and the forclosure began december 24th 2009. we have not recieved any notice or time frime of when we have to leave so far( that i am aware of, she just left yesterday)

heres my question: do i have any special legal rights to continue living here with my children ? even after BANK of AMERICA gives the 30 day notice because my name is also on the DEED to the house? this is my official mailing address and i am living here 100% legally. now that the families income has been cut in half with my wife leaving, im going to have a harder time saving money to move out…

thanks in advance

Your Questions About Foreclosures

The Expert answers:

Once the bank takes possession, you are out. You don’t get extra time, you have no special legal rights. You can TRY calling them and explaining the situation and requesting any vacancy notice also be sent to the house b/c you are legally on title, but they may not b/c you are not on the loan.

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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