Foreclosures Help Information

Foreclosed Housing

Question: what happends if you buy a foreclosed house but it still has taxes and you dont pay the taxes what happends?

i know someone who bought a foreclosed house and it still had taxes on it i think it was the school district taxes does anyone have an answer to this?

Answer: the city can repo it if the backtaxes aren't paid

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Question: I have a court ordered judgment against me but if I file bankruptcy now, do I still have to pay?

My husband has a $20,000 hospital bill and in the state of California, the spouse is also responsible to foot the bill. So now, we have a court ordered judgment against us. Since our house is now in foreclosure I was planning on filing bankruptcy anyways. Will filing bankruptcy stop this court ordered judgment? If not, can they garnish my wages? -note, My husband lost his job and I am the sole provider for a family of 4

Answer: You need to consult a bankruptcy attorney, this is serious business. It makes sense to say that you can include that judgment in your bankruptcy but then again it is a court ordered judgment so I don't know if they have ways of enforcing it.

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Question: Should I let my home foreclose even though I can still afford it?

So here's our situation. We purchased our "starter" home 2 years ago for $170k. We can afford it ($1450/mo) but our home is now worth about $90k. We're thinking about just walking away, not because we can't afford it, but because the homes in our area will most likely never go above $115k (not the greatest neighborhood) and we would have to live (be trapped) in our home for 15 years before we could even think about selling or refinancing. We don't want to short sale because we're not trying to be responsible for the possibility of paying taxes on an $80k, or greater, loss in a sale. We know a foreclosure will effect our credit for 7 years (I think, maybe more or less), but in the same time if we stayed in our home we would still owe way more than it's worth. And in 7 years we could buy another home, we would also be saving about $650/mo by renting for the time being.

Answer: With much respect to the posters above me, most of the information you were given is incorrect because it is outdated. You need to see an attorney before making a decision like this, but here are the facts:

1. If you foreclose, your home will be sold at sheriff's sale, and there is a chance that your lender will sue you for the difference. The chances are small, but it does happen, and you need to be aware of this.
2. Under the HOPE program, you do not qualify for a short sale or a loan modification because you can afford your mortgage as it is. You can learn more about the program by googling it. You will also learn that just a few hundred homeowners in peril have actually been helped by this program. It is a joke. Further, be advised that under the HOPE program you have to qualify by submitting your pay stubs, bank statements, and monthly expenses and assets and liabilities on an FHA form that goes to the bank and the government. Volunteering this kind of information to the government is always a bad idea.
3. Even if you could short sale, you would owe taxes on the deficiency. That was changed in January of 2009. You don't qualify for a short sale anyway.
4. Going into foreclosure is going to lower your credit score, but it will not tank it. The laws on this have changed as well. If a person has an otherwise great credit score with one huge black mark like a foreclosure or repossession, under the new laws their credit score must reflect the whole picture, not just the black mark like was the case before.
5. If you rent a home, you will not have to live there for seven years before you can buy another home. Under the law today, you have to rent for two to three years, paying your rent on time, and then you will qualify under FHA as a first-time home buyer and be able to buy a home. Save your check stubs from the rent to prove you paid it on time. Be advised that this is the law today, and it may change.

In conclusion, this is a major life decision, and you owe it to yourself to consult with an attorney before doing anything. I have given you the most current information, but things are changing all the time. Expect to pay $100 to $500 for a consultation with an attorney, depending on where you live. It will be money well spent. Best of luck to you.

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