Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Charles asks…

How do I follow a house through the foreclosure process?

I have a seller who will not sign a short sale offer but instead will declare bankruptcy. How do I follow the house through the foreclosure process ? Am I able to purchase this house by the bank before it goes back on the market ? Is there an auction by the lender? How do I find out ? Thank you for any help.

Your Questions About Foreclosures

The Expert answers:

I don’t know how long you plan to wait for this house. If this owner is planning to take his financial situation to the bankruptcy protection this could be a long drawn out process. If he is able to obtain help in the bankruptcy then the house will never be on the market for sale.

Even if he is not successful with his bankruptcy he could drag this procedure out for years to come.

In order to keep up with the foreclosure and the phase it is in you would have to go to the county recorder’s office at least once or twice a month, perhaps more. A foreclosure is public information that is normally published in the newspaper. The lender select the newspaper, but is not required to publish in the most popular newspaper in the area.

Normally if the foreclosure procedure goes to the foreclosure auction you might purchase it at that point. You will be bidding with others for the same property. You might be successful at the foreclosure auction. There is a minimum bid that include foreclosure fees and the mortgage loan balance.

A few lenders might entertain an offer if it comes in immediately after the sale where no one bid high enough, send a check for the down payment. If they accept the offer all well and good. I f they fail to accept your offer then they will return your down payment check.

Normally if the property do not sell at the foreclosure auction, a local real estate brokerage firm is hired to sell the property for the lender. This real estate broker will place a for sale sign on the property.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Susan asks…

Should one file for bankruptcy while in the foreclosure process or should one wait for after the foreclosure?

My sister is thinking of filing for bankruptcy, but not sure if she should. She is only going to file beacuse of the Heloc which is $50,000.
Should one file for bankruptcy while in the foreclosure process or should one wait for after the foreclosure?

Your Questions About Foreclosures

The Expert answers:

I recommend that you hire an attorney who specializes in bankruptcy law.

There are a number of issues involved and they are legal issues. It really takes an attorney who is licensed to paractice law to give you a good answer on that usbject.

Your Questions About Foreclosures

Thomas asks…

How do I follow a house through foreclosure process?

A house near me went into foreclosure, how do I follow this house through the foreclosure process so I can bid on the house the first day it is on the market. Thank you.

Your Questions About Foreclosures

The Expert answers:

Contact a local real estate agent. They will be able to notify you as soon as it comes on the market and can help you write up and negotiate the offer.

Your Questions About Foreclosures

Jenny asks…

If a foreclosure process has not begun, can the homeowner sell our appliances?

My brother in law has just filed Bankruptcy and included his house. The foreclosure process has NOT begun. Can he sell his appliances without getting in trouble?
I don’t know whether he purchased them or not after purchasing the house. I know he has filed the BK, but it has not been discharged yet. His Mortgage company has not even begun the foreclosure process. He came to me because my mom is a real estate agent, but she didn’t know the answer to this either.

Thanks!

Your Questions About Foreclosures

The Expert answers:

If these are appliances he bought separately from the house and paid for, they are his to sell as long as they didn’t replace similar appliances that were in the house when he bought it.

He should not remove or sell anything that came with the house.

In other words, if the house did not contain a washer and dryer and he bought them, they are his to remove.

The bankruptcy attorney is his best source of guidance.

Your Questions About Foreclosures

Mary asks…

How does filing for bankruptcy effect the foreclosure process?

I’ve been doing some research and have found a few resources:

www.bankruptcyinthenews.com/index.php/2010/08/21/how-does-bankruptcy-stop-the-foreclosureprocess/

but I haven’t found anything specific. It seems like I’m getting a range of that it slows down the foreclosure process up to six month to a year, but I still haven’t found anything specific.

Your Questions About Foreclosures

The Expert answers:

I found some great information here:

http://www.insightintolaw.com/wp-admin/post.php?post=152&action=edit&message=1

basically a list of some of the best resources on this subject from around the web!

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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