Foreclosures Help Information

Archive for the ‘HUD foreclosures’ Category

Hud Foreclosures

Question: when you buy a HUD foreclosure, do they do a background check?

just as said above, do they do a background check and what does it consists of?

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Answer: if you mean, investigative search, no they won't. but you will have to provide employment,banking info,income documents and prior residence
in-formations in order to get financing.
for the records only;;;no one will ask any questions about prior misconduct

Fernon Meeks, tips on HUD 203(k), 203(b) ,Good Neighbor ...

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Hud Foreclosure Process

Question: Buying bankruptcy or foreclosure home...which is best?

Hello,
I am very interested in purchasing a home. I've heard of bankruptcy and foreclosure homes. Could you tell me the difference between the two and which is best to purchase. I am in the process of rebuilding my credit as well. Where can I get a loan? I've check with HUD but not sure if that is the best route. Any suggestions please reply. Greatly appreciated for taking the time to read.
Thanks!

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Answer: Congratulations. Buying a home is a really smart thing to do. I recommend you read something like Buying a House for Dummies (no offense intended) to learn the basics. Many credit unions have first time buyer seminars that walk you through the process. Learn all you can, and don't rush. Some tips: buy a newer house @ 20% below market value in a great location, in a great neighborhood. Always get a property inspection. For your first house, you may want to get a real estate agent to help you, one whom you find knowledgeable, honest, and easy to work with. He or she shouldn't pressure you. Wish you the best.

P.S. Once you buy the house, go to www.hughchou.org to access calculators that compare your savings under different interest rates, terms, etc., and how to pay off early.

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