Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Nancy asks…

Foreclosed homes & For Sale by Owner homes – Real Estate Agents Welcome?

My husband and I have had our eye on a house that is a foreclosed home. This house is being represented by several local real estate companies. My husband and I went to the bank to inquire about the procedures that need to be done to get a loan. I am a student (college) and he works. He has been with his job for a little over a year and has all the check stubs to prove it. The bank said that until I get a job, it would be impossible for them to loan anything to me but they did consider him. They ran his credit and found an outstanding hospital bill he was unaware that still existed (we plan to make payments). Therefore, they told us that they could not help us unless we had someone that could get the loan and purchase the house in their name. Meanwhile, the person who purchases the house (with the bank loan) could be selling it to us and after a year of responsible verifiable payments (receipts) that we could have the house signed over to us through the bank. Since this house is foreclosed, is there any other way to get this house, such as making payments to the bank that owns this house? As of right now, we have no idea which bank owns this house however, it is not the bank that we use. If we can not do anything to get this home, we are also interested in looking for a house that is “for sale by owner”. What kind of documentation would we need for someone to consider selling their home to us? Are there any certain laws about particular documentation that a seller would have to abide by? We live in Alabama and are first time home buyers.

Your Questions About Foreclosures

The Expert answers:

It is frustrating to be so close to being able to buy a home but you can’t because of an old hospital bill and your being a student. The numbers just don’t add up, yet. That will change in a few years but the bank is worried about you today.
Your only chance is to borrow the money from a private lender. They charge 19% interest. After 6 on-time payments, the local bank would loan you the money to refinance and get a regular 30 year loan. That would be the same bank that is refusing to loan you money today. They would be sending you letters every week begging you to get a loan. Because you are now a homeowner.
The For Sale by Owner could be purchased by you renting the house for $1,000. Have them credit $500 of each rent check to your down payment. That is $6,000. THen you get a loan for the balance in December , 2009. You would have to get a job , though. Being a student is not very attractive to a lender.

Your Questions About Foreclosures

Ruth asks…

why is there no homes foreclosed homes in orange county?

how come there aren’t that many homes for sale and homes that are foreclosed in the orange county ca area, but a lot of foreclosed homes in the inland empire?

Your Questions About Foreclosures

The Expert answers:

For the most part incomes are greater in OC versus the IE and those people probably have a better grasp of their finances. The IE want to be like the OC people so they buy all of their fancy cars, toys, and plastic surgery on equity and now they are up side down. I have no sympathy for them.

Your Questions About Foreclosures

Robert asks…

Is there a website that lists foreclosed homes up for sale?

Your Questions About Foreclosures

The Expert answers:

Regular bank owned homes are in the real estate section like any other- the bank isn’t stupid they want all the money they can get too! So if the house is worth 200,000 and 50,000 worth of leans are against the bank still wants 200,000 so they can profit.

Auction homes are found out your local court house or newspaper- they are little different. Normally bad shape and you need cash up front to buy them.

Your Questions About Foreclosures

Linda asks…

Who do I contact for a list of foreclosed or tax-sale homes in Indiana? ?

I am trying to find a list of homes with tax liens or that have been foreclosed on in my area. I have looked online, but have only come across all those sites that want you to pay a fee. I know this is info you do not have to pay for, I’m just not sure where to find it. Can somebody point me in the right direction?

Your Questions About Foreclosures

The Expert answers:

Try the county clerk’s office. Some counties have this info available online and some will require a visit in person. Where I live the clerk’s office runs the sales on the courthouse steps.

Your Questions About Foreclosures

Donna asks…

Foreclosed Homes and Repossessed Cars for Sale questions?

I have a question, I live in Maryland and I am interested in buying a house and buying a car, but I see that repossessed cars and homes are cheaper. Is there a official website that I can go to so I can see the listings and prices/ does anyone have any advice on repossessed cars and foreclosed homes? I would love all the good advice I can get.

Thank you.

Your Questions About Foreclosures

The Expert answers:

For foreclosed homes you can go to www.oreolist.com . This is a website I’m involved in so I’m what partial. I did however while compiling the list of foreclosures homes found that many credit unions have lists on their sites for repossessed cars. You might try there. Send me an email at contactus@oreolist.com and I’ll send you a list of links to all credit unions in Maryland. It might make your search a little easier.

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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