Foreclosures Help Information

Foreclosed Dreams

February 27th, 2010

Foreclosed Dreams

Question: What is Barbie going to do now that the bank foreclosed on her Dream House?

Please, people - nothing naughty. She wants real options. PS Ken is a lousy provider, so don't count on him.

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Answer: Oh, Ken's a total douche. He spends all his money on hair products and erectile dysfunction creams.

Maybe if Barbie wasn't such a Johnny Job Jumper and stuck with one of her 73 different careers, she wouldn't be up shite creek without her glamourous pink paddle.

Dreams Can Come True With Foreclosures and Kimberlee Frank

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Posted in Foreclosed Homes |

Tags: estate, eviction_service, foreclosure_law, real |

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Foreclosed Land In Michigan

February 27th, 2010

Foreclosed Land In Michigan

Question: Can you help with this mortgage question?

I live in Michigan and saw a house that was foreclosed on and it is for sale for $63,000. It includes a pole barn and 8 acres of land!
I think we are interested, but I am sure there is work to be done on the house. Will banks give you a loan for more than the amount you are buying the house for? I mean, so you can use part of your mortgage to fix it up too? Will they do that?

Also, can you get a loan with little or no money to put down?
Actually, I also wondered whether your closing costs can be included in the mortgage, so you don't need that money up-front. Can the home inspection be included?

So confused...

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Answer: The banks will be hesitant to loan you more than the purchase price ($63,000). It is risky for them. What if you do a terrible job fixing it? The bank doesn't want to mess with it.
The seller doesn't care if you put $60,000 cash down and borrow $3,000 .... or... if you put $3,000 down and borrow $60,000. Just so long as you pay him $63,000. Part of being qualified to own a house is if you have a good track record of saving money. Do you.