Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donald asks…

I want to find home foreclosures in Australia?

I would like to find out how I can locate either deceased estates or Home foreclosures.

Your Questions About Foreclosures

The Expert answers:

Golf foreclosures?

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Your Questions About Foreclosures

Chris asks…

How do banks lose on loan foreclosures?

If the bank owns the property after receiving mortgage payments, how does that put them into a losing situation. How many foreclosures occurred this year? How have housing starts afected the collapse of so many banks?

Your Questions About Foreclosures

The Expert answers:

Banks lose in foreclosures first of all because they usually try to sell the homes as soon as possible. They are in the business of loaning money, not holding real estate so they try to get rid of the homes. Also, many people who lose their homes to foreclosure owe more on the home than it is worth in the current market. This goes back to the first reason that banks don’t want to hold onto the home until the market turns around enough for them to make money over the amount that was owed.

New home starts haven’t affected the bank problems. It has been the other way around. Since people cannot afford to get loans right now, the new home builders are having problems getting rid of the homes that they have already built so they are slowing down production of new ones.

Your Questions About Foreclosures

Ken asks…

How to get up to date lists on foreclosures in my area?

I live in Bucks county, PA and was wondering the best way to find information on foreclosures and REO properties. I have trouble finding addresses and when they are being auctioned. All sites I have found ask for money and when i call banks i have received little info

Your Questions About Foreclosures

The Expert answers:

I am not in your state but you may not find a list from one central place. Here’s why:

If you are talking about the actual court house steps foreclosure auction, the paperwork “announcing” that is required by state law to be recorded in the public records at the court house (or in some states published in the paper) typically called a Notice of Default, Notice of Trustee Sale, Notice of Intend to Foreclose or lis pendens. In my state it is not recorded at the court house but published in the paper for 3 consecutive weeks before the sale. It usually lists the proper legal description of the property and not the address.

If no one other than the bank bids at the court house, it will then be Real Estate Owned (REO) by the bank.

REO properties can usually be sold however the bank wants to sell them and if it was an FHA mortgage the property may be turn over to HUD and auctioned again (different from the court house auction).

You best bet maybe to find a real estate agent in your area that list a lot of REOs for the banks. You can also check the HUD website.

Good Luck

Your Questions About Foreclosures

Daniel asks…

How do foreclosures in large numbers damage economy. I don’t understand. Please explain?

I admit, i don’t have much understanding of economics. But how does a house that is foreclosed, have an impact on the finances of other people and companies which have no relation whatsoever to the foreclosed property?

if some people are doing well, how is their finances negatively affected by the foreclosures of other strangers?

Your Questions About Foreclosures

The Expert answers:

Let just do basic banking:
If I put $10 in the bank for savings.
The bank loans that $10 to Joe to buy a new hammer for home improvement.

Well it turns out Joe wasn’t a very good credit risk and defaults on the loan.
The bank repos the hammer, but now it’s only worth $6 because it used.

How do I get my $10 back from the bank?

This same scenario will play out with market fluctuations in home prices leaving a home owner upside down in their loan or people that got an over inflated appraisal of the home when they bought it.
It can also be a deliberate act of the borrower, doing 100% ffinancing, then taking out a second mortgage then walking away from the loan.
Now the bank is left holding the bag.

Your Questions About Foreclosures

Lizzie asks…

How do foreclosures affect local real estate tax collection?

Does a property stop generating real estate tax revenue while it is in foreclosure? Does the delinquent amount have to paid by the eventual “owner”?

Your Questions About Foreclosures

The Expert answers:

Delinquent taxes are not transferred to the new owner. The lender who owns the foreclosure pays the taxes. If they aren’t paid, the county takes over the property and sells it at a tax lien sale. The lender loses the house. So it behooves the lender to pay the taxes to protect their asset from seizure.

HOWEVER, if you buy the home at a tax lien sale, then the successful bidder pays the back taxes. A tax lien is where the county owns the property, not the 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