Foreclosures Help Information

Archive for the ‘Foreclosed Homes’ Category

Manila Foreclosed Properties

Question: Is there a program in GSIS such as condonation or restructuring for foreclosed GSIS property in Manila?

Four years ago, the creditor was not able to continue her monthly amortization that's why the property was foreclosed.

Answer: Foreclosed properties are being sold by GSIS to members and non-members alike.

To view the latest list of properties available, you can visit the GSIS website at www.gsis.gov.ph or inquire from the Disposition of Assets Department of the GSIS home office in Pasay City or from the nearest GSIS field office.

HTH!

Better Living Paranaque Philippines House For Sale

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Illinois Foreclosed Homes

Question: Does the FHA appraisal require appliances?

My agent insists that it does. I am FHA approved and looking at foreclosed homes which usually don't have appliances. My agent has said that I must install appliances prior to the appraisal, but I risk the chance of not getting them out of the house in case I don't close. I live in Illinois if it makes a difference!

Answer: FHA 100% requires appliances. The house has to be in move in condition.

FHA rarely approves foreclosures, you really should be looking at normal homes if you want FHA approval. The biggest problem is getting all of the water and power up and running prior to the inspection, the banks are not so great about that. This is the main reason most will not accept FHA bids, just too much of a hassle.

Can you believe California has nearly one fourth of the countries foreclosure filings!?!

Hud Foreclosed Save

Question: First time home buyer- what is the nehemiah assistance program? Pros and cons?

Also, I heard it was "pointless" to put down less that 20%... why? Is there a mathematical equation to help figure out exactly what our down payment would save us monthly? Also, are there realtors that specialize in HUD or foreclosed homes? If so how do I find one?

Answer: Nehemiah is a non-profit organization that can grant down payment assistance from the seller for a fee. If the FHA will insure a 97% purchase loan for you, the seller can participate in Nehemiahs program and essentially "gift" the 3% down payment to you even though they are not related to you. This is somewhat unique to the FHA programs.

No real Cons. Assume that the seller's willingness to do this means that they might have otherwise accepted a lower net sales price though. So, if you have the 3% or could get a gift from relatives, you can negotiate a lower sales price.

The real Pro is that if you don't have the 3% the FHA would require and the FHA is the best program for you, the seller is able to facilitate the purchase.

The less you have to put down on the purchase the better. The primary reason is that your home equity really has a return of zero. It is difficult to access and it is at risk if you fall behind on your payments. On the other hand, if you had your 20% invested it should be growing (your home appreciates whether or not you have a mortgage) and it could be used to make the payments on the loan if you had a temporary disruption in your income (job loss, illness, etc.).

Figure the loan costs about $6-7/per month/per thousand and you can calculate the monthly savings that way (roughly) or use any of the 10 million mortgage calculators on the web.

Call a couple of brokers and ask them if the have any agents who specialize in foreclosures.

HUD also may have a link to registered agents in your area through the marketing reps website:

http://www.hud.gov/homes/index.cfm

Check it out and good luck.

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