Foreclosures Help Information

Foreclosed San Francisco

Question: i bought a home in san francisco for 280,000 it was from a relative well i fixed it up and rented it. im?

renting it for what the mortgage is. cant rent it for any more, well they just told me 1yr later that the house is worth 580,000 and so there raised prop taxes. i cant afford to pay them. so im gonna sell in June. WILL THE CITY WAIT FOR THERE MONEY TILL HOUSE SELLS OR WILL THEY MAKE FORECLOSE.

Answer: If you purchased the property from a parent, grand-parent, your child, or a sibling you can file a form with the county tax assessor and the property will not be reassessed, but kept at the same old assessment value.

Whenever a property is sold the property will be reassessed to the current value, other than the exception stated above.

In California because of Prop 13 a property assessed value can't be raised more the 2% a year from your sales price and/or the fair market price when you purchased it.

CALIFORNIA WILL NOT MAKE A PAYMENT PLAN WITH YOU. If you don't pay the tax bill it takes four years before the state sells the property, however your lender will foreclose on you way before that time for the unpaid taxes.

If you are selling within the next 6 months all will happen is at the closing of the escrow all the back taxes and penalties will be deducted from your proceeds of the sale.

San Francisco Area Foreclosure(San Lorenzo)

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Manila Foreclosed Properties

Question: Is there a program in GSIS such as condonation or restructuring for foreclosed GSIS property in Manila?

Four years ago, the creditor was not able to continue her monthly amortization that's why the property was foreclosed.

Answer: Foreclosed properties are being sold by GSIS to members and non-members alike.

To view the latest list of properties available, you can visit the GSIS website at www.gsis.gov.ph or inquire from the Disposition of Assets Department of the GSIS home office in Pasay City or from the nearest GSIS field office.

HTH!

Better Living Paranaque Philippines House For Sale

Illinois Foreclosed Homes

Question: Does the FHA appraisal require appliances?

My agent insists that it does. I am FHA approved and looking at foreclosed homes which usually don't have appliances. My agent has said that I must install appliances prior to the appraisal, but I risk the chance of not getting them out of the house in case I don't close. I live in Illinois if it makes a difference!

Answer: FHA 100% requires appliances. The house has to be in move in condition.

FHA rarely approves foreclosures, you really should be looking at normal homes if you want FHA approval. The biggest problem is getting all of the water and power up and running prior to the inspection, the banks are not so great about that. This is the main reason most will not accept FHA bids, just too much of a hassle.

Can you believe California has nearly one fourth of the countries foreclosure filings!?!