Foreclosures Help Information

Archive for the ‘HUD foreclosures’ Category

Hud Foreclosure Homes For Sale

Question: Has anyone bought a HUD house, need advice?

I would like to know if anyone has bought a HUD foreclosure home? What is involved in the process and is it hard getting banks to finance the purchase? Also, has anyone ever bought a foreclosure from the court house(sheriffs sale)? How would I get financing for that when you have to bid on the property? Im new at all this and my first purchase will be for myself to live in. Any info is greatly appreciated.

>

Answer: I bought a HUD home a number of years ago. The experience was indistinguishable from a normal purchase, aside from the offering process. We placed a bid on the property which HUD rejected. We re-bid a bit more then next go-around and it was accepted. From that point onwards, it was a normal purchase. We did get an FHA mortgage with slightly lower than normal fees and no points that did sweeten the deal a bit.

If you're buying at a sheriff's sale or foreclosure sale, you have to have your financing arranged in advance. A few banks specialize in this; you'll have to ask around. All of the normal qualifications and inspections have to be complete on the auction date so you often have to work VERY quickly and that's where it gets tricky. This is because you typically have to put down 10% with your bid and close within a very short time, often as little as 5 - 10 days. It helps a LOT if you have top-notch credit and can go with a stated income or no-doc mortgage. It's even better if you can pay all cash.

My ex and I tried that a couple of times and discovered a dirty little secret. The lender was usually the only bidder on a foreclosure and unless you were willing to bid near market, they'd just out-bid you and get the deed for themselves. The few tax sales that we investigated were in such poor shape that they weren't worth bidding on unless we were planning on tearing down the house and building new.

Foreclosure Homes In Metro Chicago Area

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Hud Foreclosure Prevention

Question: Radio Trivia - Housing counseling agencies offer such free services as default and foreclosure prevention?

For Radio Trivia. I'm sure the answer is reverse-mortgage but it doesn't work for the radio trivia....Housing counseling agencies offer such free services as default and foreclosure prevention, and pre-purchase, rental and ______ ______ counseling.

http://www.hud.gov/local/index.cfm?state=pa&topic=homeownership

>

Answer: Counseling usually refers to credit:

Derogatory Credit

Loan Modification & Foreclosure Prevention (You DONT Need to Pay)

Hud Foreclosures Michigan

Question: Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time). He scored at approximately 600 on his credit reports due to old problems with his business. It shows $11,000 indebtedness on the report. How can he qualify to take advantage of Michigan's foreclosures and purchase a HUD home through FHA with the $100 downpayment program. Should he take the MSHDA pre-purchase credit repair course first? How long are these courses and do they make a difference to lenders? We need to get pre-approval for the mortgage in writing and will have the $1000 EMD and $100 downpayment as required by FHA. Unfortunately, since I'm still in Canada with the kids, I can't be added to the mortgage application until after November..and we have to be IN a new place by mid-January when the kids move over.

>

Answer: I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.

They will be able to answer your questions and give you some options.

Homeowner Suit vs. Bank CEPersVid-22