Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Robert asks…

how long does it take for your home to go into foreclosure in sacramento?

Your Questions About Foreclosures

The Expert answers:

I don’t know, but let me know when it will go into foreclosure so I can get a cheap house!

Your Questions About Foreclosures

Donna asks…

Multiple questions on foreclosure in Sacramento County?

I am looking into purchasing a $25k 2 br. foreclosed home in the Sacramento County area (obviously in a bad neighborhood) and using it as a rental propety. I am looking at putting in 10 – 15k+ for repairs, so the home will total $30K. I am concern about the rental market in the area. My real estate agent told me I should be expecting somewhere around $200 – $600 per month for rent. He also said my best bet is to rent to Section 8 tenant for a guranntee rent payment. Tax is around 1.1% of property value, so about $30 a month. I am paying cash, but should still factor in interest rate, so approximately $250 for my mortgage payment. I am looking into hiring a rental company, so the fee would be around 10% of rental income, so about $50/month. I have not yet factor in insurance for the home and the yearly repair cost as I heard that such an rental property will get damaged badly and require yearly repairs. In the long run, would this be a worthwhile rental investment? How long will it before I can have a positive return on this investment property? What other risk am I not factoring in? What is the rental market like in the Sacramento county area? What is it like to rent to Housing 8 tenants? If I hire a rental company, will they take care of all the issues like a lack of payment, eviction, etc?

Your Questions About Foreclosures

The Expert answers:

The risks are that in the neighborhood you describe the home will be utterly destroyed before you can get undesirable tenants removed. Having said that you will likely be living on the edge most of the time. Section 8 has some pretty strict requirements and more or less dictate what you have to do in order for them to pay up. I would never sink cash in such an endeavor.

Your Questions About Foreclosures

Charles asks…

Liberals, what about Obamas bailout?

10,000 Line Up To Save Homes From Foreclosure At Sacramento ‘Save The Dream’!!!!! So a house hold of 10,000 will equate to about 20k to 40k voters for DemocRat party during the Mid-terms!

Obama will personal pay for your:
1. Rent 2. Electric bill 3. Food 4. College 5. Etc…..

Where is this money coming from?
It is coming from Obama’s slash!!!!!

CHECK OUT THE POSTERS FROM HuffPuff post blaming Republicans and Banks for them in the foreclosure process!!!!

http://www.huffingtonpost.com/2010/10/09/10000-line-up-to-save-hom_n_757036.html#comments
You whinny liberals always divert from the topic and jump to war cost…

So you whinners want tax payers to pay for your rent???????

Your Questions About Foreclosures

The Expert answers:

I am not a liberal but 0bamas bailouts have damaged the already weak economy in my opinion! Most of his promises were just that in my opinion and the ones he pushed through have done a whole lot of harm and the dems will pay the price in seats in a few weeks.

Your Questions About Foreclosures

Steven asks…

Tips on selling a home in Sacramento?

I’ve been trying to sell a home in Sacramento for almost a year but because of bad realtor experiences I have had no luck in selling. We were told by a another realtor recently that the average comps in the area for a 3 bedroom 2 bathroom are $180,000 to $200,000 so we are trying to sell it for $160,000. It is a fixer upper but compare to some houses I seen that are asking for $250,000 and is also a fixer upper thats not bad. On top of that they are 2 bedroom homes. I understand the market is bad and I would wait if I had time but the purpose I am selling the home is complicated and I don’t have enough to write the whole situation LOL but it’s not foreclosure

Long story short does anyone have any tips on selling homes in Sacramento?

Thanks in advance!
I would wait to sell it but like I wrote before the situation is to complicated for me to explain

Your Questions About Foreclosures

The Expert answers:

You would be better off waiting a couple of months. Sacramento county has had many foreclosures and those properties, now “bank owned”, are being sold at huge discounts. It will take a little time for the market to return to normal. The good news is that Sacramento may have hit bottom on prices and now will start to recover. As soon as it becomes obvious that prices are starting back up or are stable there will be many buyers who have been waiting who will jump into the market. The prices won’t jump back up to the prices 2 years ago anytime soon, but it should be much easier to sell your house.

Your Questions About Foreclosures

William asks…

Beware of Countrywide Bank Lending “Impound account set up”?

I just bought a foreclosures home at the end of Oct 2008 in West Sacramento. I just received a statement from Countrywide Lending informing me that my mortgage payments are going to increase $450.00 month. Reason being there was a short in my Impound account. I just couldn’t believe this, I was very upset. How could Countrywide affiliate with Bank of America make a bad calculation? I was not happy at all. I then made an appointment with the Countrywide Loan Officer and ask him and the underwriter. How could you all make a large mistake not calculating the payments correctly and not collecting the funds during Escrow? This is not a sub-prime loan or a pick a payment loan. Be aware buyers out there. When applying for a home loan with Countrywide. They will give you an estimate of “Property Taxes” so, being that I bought a home in West Sacramento, there was Mello Roos and other assessment including in the taxes. Which I was not aware being new to the county. The loan agent and underwriter said” well if we would have calculated the MelloRoos and Assessment “you would NOT qualified for the loan. I was appalled when I heard this from an underwriter and a loan officer from Countrywide. This sounded like the loan officer was selling a pick -your payment option/sub-prime loan. Bottom line Countrywide Bank loan officers are they just to get there share. It’s all about the $$$. I asked the loan officer and the underwriter. “So, you’re telling me Countrywide is not aware of the property taxes that are being paid on there “foreclose homes”. That’s all bull@#$. Then lender has to pay for the darn property taxes, which includes Mello Roos and Assessment. Now, I understand why Countrywide is now affiliate with Bank of America. All Countrywide Pick-a- Payments loans they sold. As a shareholder for Bank of America and ex- employee of Bank of America. A message to any Associate from BofA in Sacramento area. Loan agents, you need to train the CountryWide loan officers and underwriter at here in Sacramento area. I just can’t believe this is happening out here in the Sacramento area. Not to mention Countrywide is now affiliate with Bank of America. What a shame. So be aware … there is still not honest lenders out there. Before buying a home. Make sure you find out the property taxes in that county you are buying from first. Don’t leave it to the “Countrywide Loan Officers” Check with the County Taxes Assessments first.
Ken Lewis .. should have back away from the deal of Countrywide. BofA associate, train your Countrywide lenders out here. This type of services impacts the quality services to consumers and it all falls on “Bank of America” now that we affiliated Countrywide. Take “Ownership” as a shareholder.

Your Questions About Foreclosures

The Expert answers:

Ultimately, you are always responsible for property taxes or assessments. So if the county has a website, it is best to find out previous taxes on that specific property, or whether they have a way to “estimate” based on value (since Proposition 13 or tax on an empty lot before new construction might make previous taxes artificially low).

And it is best to check the county site to track if your lender is properly paying your property taxes from escrow on time.

I had problems with my lender neglecting to pay taxes on my double lot the year purchased (2002), which I suddenly had to pay myself directly after receiving notice of tax sale. Then my lender misunderstood, thinking they had paid the wrong bill (when they should have paid both), and sent me too much back from escrow. The following year when it finally sank in that they had to pay both lots, they bumped up my escrow payments to catch up. But I knew that would come eventually, so I was prepared for the escrow increase.

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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