Foreclosures Help Information

Foreclosed Trailers

Question: How do you foreclose on a house?

We are currently buying a smaller trailer compared to our 3 floor House. We cant afford to keep paying for this house in the summer time. We were wondering what the consiquences were on foreclosure? We really need an Honest answer beucase it may affect where we live and if we will have a criminal record or not. Also, my mom has a credit score of 720 and weve already been approved. How will this affect her Credit???

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.

Taking Woodstock 2009 HQ Official Movie Trailer

Foreclosed Chicago

Question: If you rent, and the landlord gets foreclosed on, do you still pay rent?

I was just reading an article about how renters in Cook County (which is Chicago and some suburbs) now get 120 days notice of foreclosure before they get evicted. So I was wondering, if you are a renter and your landlord isn’t making the mortgage payments, are you still obligated to pay rent? I would think that once you got notice that the property was being foreclosed on, you wouldn’t have to pay rent anymore, since your rent wasn’t going to the mortgage anyway and you are losing your home. Anybody know for sure?
Just wanted to add-I am not in this situation, I was reading about it and wondering how it would work.

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.

Chicago Foreclosures List.avi

Free Foreclosed Homes For Sale Listings

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.

Free foreclosures listings

Foreclosed Furniture

Question: When the bank forecloses on a house, do they own the belongings inside of the home as well?

I have a roommate who owns the house where I currently reside, and it is headed for foreclosure. I have no ties to the mortgage or any other bills for the house. My question is, if the house is foreclosed upon, are my furniture and belongings at risk of being confiscated? I live in North Carolina, just in case it might vary from state to state.

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.

N. Hollywood House Foreclosure-priced

How Do Foreclosed Homes Work

Question: How do I purchase a foreclosed home and is it a good idea?

I am looking for a home for my first house, and even though I have some time and can save a bit, I need to know if its a good idea for someone on limited income to consider living in a home thats been foreclosed on, and possibly invest in a couple of other properties at some point. How does the process work and is it a good idea for a first time buyer? Also keep in mind I am living in Virginia now and am looking at the possibility of a home in the New York City area so I can move there to kick off my career(I am a theater student currently).

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.

Larry fights foreclosure in Los Angeles, CA