Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sharon asks…

What is the difference between a Hud repo and a repo?

I know that a Repo is when the Bank reposesses a home and sells it to recover their loss. What is a Hud Repo then?

Your Questions About Foreclosures

The Expert answers:

HUD repo is a result of someone defaulted on a goverment backed loan…FHA, VA…

Repo is just a normal bank trying to sell the property

Your Questions About Foreclosures

Richard asks…

We are interested in buying a hud home. When I walked in the previous owners poured paint down both bath tubs?

How would you remove it? We have not had it inspected since it is a hud home you have to bid first then inspect. We can cancel the contract if something is wrong with the plumbing. But how would you remove the paint from the bathtubs?
thank you!

Your Questions About Foreclosures

The Expert answers:

Try paint remover that has lye in it (sodium hydroxide). The lye will eat the paint but spare your tub surface. Test in an inconspicuous spot first,

Your Questions About Foreclosures

Paul asks…

Why is HUD important and why is it essential to having America run effectively?

Why is HUD important and why is it essential to having America run effectively?

10 points to winner!
well to tell you gentlemen i HAVE done my research and this QUESTION is to find out others opinions! Dont compare me to the stupid idiots that need help with 2+2=?. I didn’t ask for what categories this should go under either. Why cant people just answer the question… seriously.

Your Questions About Foreclosures

The Expert answers:

HUD is neither “important” nor “essential to having America run effectively”. In fact, the Department of Housing and Urban Destruction is unconstitutional. If you disagree, I defy you to tell me the part of the Constitution of the United States that allows it to exist.

Your Questions About Foreclosures

Nancy asks…

How do the HUD apartment program works. I am a full time student and work part time about 35 hr per week.?

I like to know do the apartment manager used 30 percent of your income if so do you have to earn 3 time 30 percent of your income but you have too since it based on your 30 percent of the income. Or do you have to make 3 time of the rent for every body. Help confused. I spoke with both the Hud officer and an apartment manager and they got me more confused. The apartment manager told me not to tell them that I am a full time student on my application.

Your Questions About Foreclosures

The Expert answers:

If you getting 35 hours a week, you can’t file as part time employment.

Your Questions About Foreclosures

Ruth asks…

How can I get started in buying foreclosures/hud properties without a lot of money saved up?

My husband and I would really like to get into buying foreclosed, pre-foreclosed, and hud houses to flip them. The problem is- we already have a mortgage and only have about 10K in the bank. I’ve heard that you have to have cash to buy auctioned homes. Are there foreclosed homes you can get a loan for? I’m just learning about this so any advice about how we can finance this would be greatly appreciated.

Your Questions About Foreclosures

The Expert answers:

Reality check. You can’t.

You need access to funds, either your own or the bank or hard money lenders. Houses cost money.

Your only other option is to swing some owner financing deal, where the owner is essentially your lender.

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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