Foreclosures Help Information

Archive for the ‘Mortgage Foreclosures’ Category

Mortgage Foreclosure Properties

Question: Does a mortgage foreclosure erase an existing foreclosed lien?

Our condominium association filed and foreclosed a lien for unpaid dues. Redemption period passed. Several months later (now) mortgagor (bank) is beginning foreclosure process for unpaid mortgage. Property is "under water". If mortgage is foreclosed and redemption period passes, what happens to our existing lien?? Thanks.

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Answer: When the mortgage company forecloses there are several things that can happen. The mortgage company may pay off the association because they have agreater interest in the property. You may also receive a 1099 for income earned that you file have to file on your tax return from both parties.

Mortgage fraud scheme involved in more than 550 foreclosures

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Bank Foreclosure In Texas

Question: We live in hot Texas and want to move to Colorado. We don't have much money. Is Realty Trac reputable ?

We are interested in buying foreclosures, bank-owned, or any other cheap way to buy a house in Colorado. It seems like real estate is so expensive up there. My husband works for a home improvement corporation but doesn't make much money. My salary is $9.50 per hour. We have no children. Maybe someone with real estate expertise can help us to buy or get a little bit of land in Colorado preferably around Colorado Springs or around the Western slope area.

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Answer: We are based in Colorado Springs and buy distressed houses, bank owned properties and work with movitated sellers. There is a lot of opportunity here, especially now. Let me know how interested you really are and and I will point you in the right direction and answer any questions you may have.

JR
www.JRBuysHomesFast.com

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Mortgage Foreclosure By State

Question: I am thinking of letting my house go into foreclosure, I live in Michigan?

and I have a home equity line of credit also (2nd mortgage). What will happen to the equity line of credit. Will they come after me for that? Will I still need to make my payments? Or does anybody know where I can find information on foreclosure in my state?

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Answer: Keep in mind that choosing to let your home go into foreclosure, may be considered fraud down the road.

I suggest you explore all of your options.

Credit Counseling and Housing Counseling is provided by at least these three sites.

http://www.nfcc.org/

http://www.hud.gov/local/index.cfm?state=mi on right hand column

http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html

Or, a foreclosure attorney may be a choice

Or, a "short sale" may be a choice.

All of these sources will have options, and yes, as mentioned there are additional programs in the works and one was initiated March 4th. You may or may not qualify for any of these programs.

I wish you well.

Mortgage Foreclosure Help - 5 Tips - Save Your Home - Part 1