Loans Foreclosed Homes
October 24th, 2006
Loans Foreclosed Homes
Question: Buying Foreclosed Homes?
When buying a pre-forclosing or a foreclosed home, do I just pay for the loan from the bank then i own the title, and i don't have to do anymore mortgage payments/housing loans? I'm asking because I've found homes of market worth around $2.5M but with a loan of $50,000. Is there a catch or something?
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Answer: Of course there's a catch. NO ONE is going to sell a $2.5 million home for $50,000. I'm not certain where you are finding these properties, but if it is online, many times the $50K figure is not the SALE price, but merely the amount of payments upon which the current owner is delinquent.
CNBC - Homeowners advised to turn to short sales and loan modifications
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Posted in Foreclosed Homes | 
Tags: foreclosed, Foreclosed Homes, Foreclosure, Foreclosures, homes, loans, realestate
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