Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

Did the final version of Foreclosure Act include the $7000 credit for the purchase of a foreclosed home?

I purchased a foreclosure in June 2008. I know the Foreclosure Prevention Act underwent many revisions. Does anyone know if the final version which the President is expected to sign still includes the provision for the $7000 tax credit for the purchase of owner occupied foreclosed homes? I am not a first time homebuyer.

Your Questions About Foreclosures

The Expert answers:

I had the same question as I also bought a foreclosure this year. I think this morphed into the $7500 credit for all first time home buyers (not a homeowner within 3 years). However, it has to be paid back to the gov’t with 15 yrs, ie, $500/yr.

This is the forum where I got the info.
Http://forum.dvdtalk.com/showpost.php?p=8836174&postcount=47

Your Questions About Foreclosures

Susan asks…

How does foreclosure affect my credit if a divorce follows?

My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.

Your Questions About Foreclosures

The Expert answers:

WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done !!!

In short, you and your husband are equally liable for any and all debts and are entitled to half of any and all assets. (1) Call a Reputable Broker/Agent ask for a CMA or a Comparable Market Analysis. Most do this for FREE (hoping you list with them) (2) call your bank request a “30 day pay-off” and ask them to mail you a “hardship package” , (a knowledgeable agent can do this for you, but you can do it yourself). You really need to know these details and how much if any equity you have in the house before you can make a good decision !!

NEGOTIATE with your bank/lender BEFORE its too LATE!

In addition, you may want to do what it takes to STOP the foreclosure !! Contact a Bankruptcy attorney, and maybe even a divorce/family attorney for a confidential consultation —-your husband may be in shock when he finds out that he MAY be “OBLIGATED” to pay you child support and/or alimony maybe even equal to or MORE than the current house payment, for a certain period of time to allow you to get a job or learn a trade or other means of producing your own income.
– Time is of the essence – Now is the time to muster ALL your strength and take a stand –

Your Questions About Foreclosures

Donna asks…

Does having a foreclosure and not paying your property taxes affect US citizenship application?

I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship.

Your Questions About Foreclosures

The Expert answers:

One thing that immigration looks into is
that once the process is started you wont
be a burden in society or ask for food
stamps, they want to know that theyre
giving citizenship to hardworking people
File your taxes on time and you shouldnt
have that much of a problem. Now your
credit is another thing, once youre a
citizen then you have to worry about
the foreclosure and your payments that
really doesnt help you, I dont know what
state your from but here in texas you
miss 2 payments and youre outta there
so youre lucky you got 6 months.

Your Questions About Foreclosures

Lizzie asks…

How to buy foreclosure home directly from bank or lender before is in the market?

I want to buy foreclosure house directly from bank or lender before they put the house on the market. How do I do this? anyone who knows please tell me. I would be very appreciate it.

Your Questions About Foreclosures

The Expert answers:

No bank or lender offers their REO properties directly to the public. They hire a Realtor/agent who market and sells these bank owned properties.

Banks do not want to deal directly with an ignorant buyer.

Your Questions About Foreclosures

Mark asks…

How long after foreclosure before you receive a 1099?

My house was foreclosed on in October 2009 in Maryland. At the foreclosure sell at the court house there were no bids on the house. I received papers from the court ratifying foreclosure in December 2009. The lender listed the property with a real-estate agent in October and sold the house. The new owners closed on the property January 19, 2010. How long after the foreclosure before I receive a 1099?

Your Questions About Foreclosures

The Expert answers:

You won’t get it until next year, for your 2010 income tax return.

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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