Answer: Depends. You CAN have your brother “Quit Claim” te property into your sole name but that does NOT take his name off of the loan. You would then need to take the Quit Claim deed after it is recorded to the mortgage company and have them put the loan entirely into your name and IF they are willing to do this then you MAY be able to surrender the property without affecting your brothers credit but since the bank also KNOWS the value of the property has decreased letting somebody who MAY be liable in the future for payments walk away for no good reason would be a hard sell.

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Answer: http://www.firstpreston.com

They handle all HUD, Fannie Mae and Freddie Mac foreclosures.

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Question: Foreclosed Homes In Austin Texas?

My fiancee and I are looking to buy a foreclosed home in Austin Texas within the next few months. We have little-to-no credit and we make less than $40,000 a year (combined). Our apartment’s lease will end in April and we need to have a home lined up by that time. Is this even possible? We have NO idea where to start! Please help us!

Answer: If your credit is poor or non-existent, you will need to apply for a FHA loan in order to obtain any financing whatsoever. Contact a lender to find out what amount of money you will be able to borrow to purchase a house. Then contact a qualified real estate buyer agent to assist you in your house search. Don’t limit yourselves to only foreclosed houses. They aren’t the fantastic deals which many make them out to be. Any lender selling a foreclosure will seek to get as close to market value as is possible.

Good luck.

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Answer: I live in California. which is a trust deed state. The house was probably sold at the steps of the court house. If you receive a 1099C there is a cancellation of debt. The formula for this
Foreclosed Value
+ 1099C (liabilities give up)
- adjusted basis (purchase + capital improvements
__________________
= Gain will be ordinary if the amount is less than or equal to 1099C amount, This means that you will have to pay at you personal tax rate. You can avoid this if you filed Bankruptcy on the note and
then you can complete IRS form 928

If you get 1099A,, the formula will be:
1099A amount
– adjusted basis
__________________
= capital gain
- ( exclusion 250k or 500k)
this formula works if the house was your Primary Principal Residence But you cannot take a loss

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Answer: There is a huge difference between a short sale and an REO property. An REO is a property that was foreclosed and is now owned by the lender. Buying an REO is not really any different from an “ordinary” sale. A short sale, on the other hand, involves a distressed owner trying to get his/her lender to agree to a sale for less than what they owe – a very difficult and protracted process.

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Answer: Nothing ‘life and death’ about a foreclosure. You couldn’t afford the payments so the bank took the house back. Happens all the time. Your credit score goes down. From 720 to 600 or less. You will not get approved to buy a new GM car on their current Zero % interest rate for qualified buyers.

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Answer: Since there is still an owner (now the bank) and you still occupy the owner’s premises (the apartment) you still have to pay rent. Just make sure you pay it to the correct party.

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Question: How can I access foreclosure sales (listings) for free?

I am looking to invest in a foreclosed home (to live in, not to re-sell). As I understand, it is possible to get a decent price for a decent property. I researched it, and I can’t seem to find any good web-sites with information that would be relevent and free. All the sites that i was able to find required a credit card to be on file, and only offered limited time trials.

Answer: how about look at your county records for “notice of foreclosure” or “notice of trustee sale”
then go see if its on the current mls
you dont want that one
you want the ones that are actually going ot go thru foreclosure and the owners want out.
u have to go to county records to see if the home is worth your time. if they have a mortgage of 100% of the ass’d value then it’s not worth it.

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Answer: The bank does not keep the stuff inside the home. The people will be given a move out day. Now if you leave stuff in the home after that date the bank can toss it then.

If I were you I would move out now and find someplace else to live. No reason for you to deal with this.

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Answer: Its a really good idea. Most of foreclosures already have equity which is a great start. Umm Foreclosures are owned by banks or a morgage company and some properties are sold in an Auction which require it to be a cash buy.

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Question: Foreclosed property in DC?

NOTE: I ASKED THIS QUESTION PREVIOUSLY AND JUST GOT A LOAD OF VESTED INTEREST FLANNEL FROM REALTORS TRYING TO TALK THE MARKET UP (E.G., “…FORECLOSED HOUSES SELL FOR MARKET VALUE, THERE IS NO REASON FOR THEM NOT TO” ETC.). Here is my question; if anyone has GENUINE information, please let me know. Realtors please stay away.

Answer: Try oreolist.com they are not an RE agent site. All it does is provide a list of links to banks that have their foreclosed homes for sale on their web site. There is no signing up or anything.

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Answer: If you purchased the property from a parent, grand-parent, your child, or a sibling you can file a form with the county tax assessor and the property will not be reassessed, but kept at the same old assessment value.

Whenever a property is sold the property will be reassessed to the current value, other than the exception stated above.

In California because of Prop 13 a property assessed value can’t be raised more the 2% a year from your sales price and/or the fair market price when you purchased it.

CALIFORNIA WILL NOT MAKE A PAYMENT PLAN WITH YOU. If you don’t pay the tax bill it takes four years before the state sells the property, however your lender will foreclose on you way before that time for the unpaid taxes.

If you are selling within the next 6 months all will happen is at the closing of the escrow all the back taxes and penalties will be deducted from your proceeds of the sale.

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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!

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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!?!

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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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Answer: The short sale will have less of an impact then a foreclosure, but both are about 7 years.

Yes, both lenders have to agree on a short sale, you will screw both, so both have a say.

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Answer: children

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Answer: Was the house sold for more then you owed? If it did then what ever was left over then it would have gone to payoff that lien. If not then the lien will follow you until it is paid off. If the house was sold for less then the amount owed you will be responsible for the difference of that also. Good Luck.

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Answer: You need to be careful, I have seen some there listing the second on there, which is the bank foreclosing, but the first is also due. I looked up one for 15k for someone here. The real sales prices 715k.

Almosst everything for sale now is foreclosed or in pre-foreclosure. I recommend that you have a real estate agent help you, they are listed in the MLS and not hard to find.

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Question: Doesn’t the court have to notify us when our house has been foreclosed on and set for Sheriff’s sale?

Our home was foreclosed on. We open all of our mail from the court and the bank’s attorneys. We do not have an attorney ourselves. We found out by checking the court computer system that the order of foreclosure was signed by the Judge in November but we NEVER received notice of any kind. Today we got notice that the home was set for Sheriff’s sale next month and again, we NEVER got any notice. This doesn’t seem right. We are in Ohio. Is this allowable and if not what can we do?
To clarify – it was foreclosed in court. We found out about the sale but did not receive notice from the court or anyone else. We don’t contest the fact that we have to leave, we are just trying to make plans and that is hard to do when you aren’t getting the notices that we are legally entitled to. Even poor people in debt have rights.
Foreclosed by the bank.

Answer: Well you should have known that you didn’t have much time left if you weren’t paying the bills. But if You were paying the bills and everything then you have a case. The letter saying that it was set for sale is the forcloser notice. It is perfectly allowable because you weren’t paying your bills and that is what happens to people who don’t pay. Sorry that this is happening to you, but there isn’t anything that you can do.

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