Foreclosures Help Information

Archive for November, 2009

Foreclosed Apartments For Sale

Question: What happens when they foreclose?

We are two payments behind on our house. We had to rent an apartment because my husband will be unemployed soon.We had put the house for sale last year, no offers. We tried to refinance but our house was appraised 22,000 less than what the finance company appraised it for 2.5 years ago. The finance company would not lower our rate, to what we could afford. We had to move before unemployment happens. I now cannot afford my car which is financed through same company. What will happen when they foreclose? We live paycheck to paycheck. Have no assets. Can we file bankruptcy?

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Answer: You can call a lawyer and see if they can negotiate on your behalf before the mortgage company forecloses.Lawyers have more power negotiating than you do.

Banks generally want to see you in the house vs. having a house they cant get rid of. I would definitely suggest you talking to a bankruptsy attorney. Bankruptsy, if you havent filed within 7 years before, is definitely made for people in your situation. You can even negotiate to keep certain items, like the car, if you can afford to pay for it after you loose the house. It will go against your credit, but it will take a lot of burden off of you all.

Or, you can try renting out your house... that might solve things for a while?

Good luck... my prayers are with you.

Luxury Apartments in Aventura - Miami - Foreclosure Sale #1007 (SEARCH and VIEW via VIDEO)

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Foreclosed Houses Free Listings

Question: whats the best way to get foreclosed house listings?

im looking at foreclosed houses but i feel like by the time i see them on mlsonline.com its too late because the good ones are picked over by the time they get listed is this true? whats the best way to locate local listings? is it worth it to pay for a sit and which one is best? is there a free site that works well?
i live in anoka, mn and am looking in the under 150k range
what ive been looking at are bank owned homes. i want one in structurally sound but rough condition, something to fix up over a few years and sell or rent. lots of work dont scare me. i just want the listings, so i can see them and evaluate.
do Realtors get to pick through everything? if there was a really great potential investments wouldnt they take advantage of it for themselves. so what im saying is would the great buys even get to me?

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Answer: Don't listen to these first two, you can find a steal with foreclosed homes. Unless you are in the industry, you won't really have easy access to the information. It's all recorded at the county clerk's office, but you have to go down there to get it. You could also talk to someone at a title company and they can send you a list of foreclosed properties, or you can try foreclosures.com. They'll send you a list of foreclosed properties you can look through. Short sales are the best way to go, but foreclosures are just as good. There are so many properties on the market now that you will find a deal no matter where you look.

Florida Foreclosures: Free by County - Get Listings Today!

Banks Renting Foreclosed Homes

Question: What is the best way to buy a home that is going into Foreclosure on Dec 31 w/out using a realtor?

I'm currently renting the home I want to buy. Heard that you could go directly through the lender (Wells Fargo) to make an offer to the foreclosing bank.

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Answer: Wells Fargo will send you to their agent. They will not deal with you directly, they are not licensed to do so, let alone having any staff capable of handling a sale.

You need to hurry, the odds of you getting this closed by Dec 31 are just about nil. Hopefully you are offering cash, that will speed things up.

Real Estate: Buying, Renting & Selling : Buying a Bank-Owned Home With Multiple Offers