Foreclosures Help Information

Bank Foreclosures

Question: help with understanding bank owned foreclosures?

If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks.
Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what’s to say that the bank won’t sell me the house with a low-ball price?

>

Answer: If the mortgage balance was $100,000, it's possible there's another $10,000 in attorney fees, and an additional $10,000 in accrued interest. I don't know the redemption period in Texas, but in many states, you can squat in your house for a year before getting kicked out, all the while interest is accruing.

So it's never quite that simple. And beware of any additional liens, foreclosures sometimes have them.

And yes, in most cases, after the bank has gotten every single penny of their own money back, they have to give the rest to the prior owner. So they might very well not care how much that is, but they do work within a framework of attempting to get the maximum value for their homes, based on their estimates of what the homes true value is.

And they also have to weigh their risks of having another 2 months go by before they get another qualified offer, while their carrying costs and attorney review fees etc... keep rising. So they're always looking to take the first fair and reasonable qualified offer that they can get.

Bank Forelcosure Property - Foreclosure Boys

Well Fargo Foreclosed Homes

Question: Wells fargo first time home buyer grant?

I am looking at buying a foreclosed house this summer as my first home. My friend told me about some grant that wells fargo does. He said that they would give me $10,000 for a down payment and that if I kept the house for 5 years that I would not have to pay back the grant. I figured that I would go in and ask them at the bank but wanted to know if anybody knew anything about it here first. If so I would greatly appreciate any info you have.

I live and am planning on buying in Arizona if this matters at all.
Thank you very much.

>

Answer: Wells Fargo does not offer any grants for home-buying. They don't offer any grants at all.

They do not offer any down payment assistance. That has been outlawed by the US Congress. You must use your own money as a down payment. It can not be borrowed or gifted by anyone except a family member.

Wells Fargo Bank VP fired for squatting and partying in forclosed homes with her crew

Find Foreclosures Online

Question: What is the best way to find foreclosure properties in my state (MD now, but also considering DE)?

Can I search online, and if so, is it free? The house would be a residence for me, I am not an investor at this time. I would not want to resell the house for a few years.

>

Answer: I have found that the best place to get a free list is http://www.yourforeclosuresoftware.com/7dayfreetrial/
because they have a 7 day free trial, I just cancelled before the 7 days and they never charged me, hope this helps!

Find Foreclosures Online

Foreclosed Condos In Chicago Il

Question: How can a lien for back associations fees be obtained on a foreclosed condominium unit?

The unit across from ours has gone into foreclosure. The owner is in arrears on his association fees. Can we (the condo assocation) get a lien on the property for back association fees? Property located in Chicago, IL

>

Answer: Yes you can. However, the mortgage will take precedence over your lien, so if the house is worth less than the mortgage, you won't get anything. You will only get something if the bank sells the condo for more than the mortgage, which may not be likely if foreclosure is necessary.

There are companies that will do this for the HOA. One that I have used is Sunrise Assessments. www.sunriseassessment.com

You can go to the office of the county "Recorder" (or whatever it is called for your county) and find out what mortgages and other liens are already on the property, as this is public information. Then you can compare the total of all of those with your estimate of the condo's worth to see if there is any hope that the HOA would get anything. Note that if there are IRS liens against the property, they also come before your HOA lien.

Note, however, that my experience has only been in California. Suggest you contact Sunrise Assessments and see if they can recommend someone in Illinois.

One small silver lining: Once the bank actually forecloses and becomes the legal owner, they will become responsible for the HOA fees from that point forward (but not for anything before that point). You should not have any trouble collecting from them going forward, at least we didn't in our case, we just contacted the bank's repo department and let them know, and there was no problem. If they don't pay for some reason, you could always file another lien, which any buyer would then have to satisfy.

Bottom line, you are probably not going to get back what you have lost so far, but once the bank takes over you should be able to start collecting again.

823 S. Western #4, Chicago, IL 60612

Buying Foreclosure At Auction

Question: Is it worth buying foreclosure properties at the courthouse auctions ?

I’m considering going to the local courthouse and bidding for foreclosed properties but I am nervous of hidden costs, etc.

>

Answer: In my opinion, it's the best way to buy a house. There are no hidden costs. You first need to do your homework. Find out the appraised value of the house, what the last owners paid for it, etc. Then decide what the top dollar is that you're willing to pay for it. Before the auction starts, someone will go over the rules of the auction and so on. Pay attention. Most of the ones I've bought required 10% down if you are the winning bidder and the remainder to be paid within 30 days. Once you write the check, they hand you the keys and that's it. No closing, no closing costs, no deed check, and so on. Then a judge will review the terms of the sale, and sign off on it. It doesn't matter at that point if there were 30 liens on it prior to the sale, the house is now yours free and clear.

Buying Foreclosures for Beginners