Foreclosures Help Information

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Austin Texas Foreclosed Homes

Question: Foreclosed Homes In Austin Texas?

My fiancee and I are looking to buy a foreclosed home in Austin Texas within the next few months. We have little-to-no credit and we make less than $40,000 a year (combined). Our apartment's lease will end in April and we need to have a home lined up by that time. Is this even possible? We have NO idea where to start! Please help us!

Answer: If your credit is poor or non-existent, you will need to apply for a FHA loan in order to obtain any financing whatsoever. Contact a lender to find out what amount of money you will be able to borrow to purchase a house. Then contact a qualified real estate buyer agent to assist you in your house search. Don't limit yourselves to only foreclosed houses. They aren't the fantastic deals which many make them out to be. Any lender selling a foreclosure will seek to get as close to market value as is possible.

Good luck.

Austin Tx Hud Properties Home buying Process

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Texas Foreclosed Homes

Question: If a foreclosed home in TX goes to auction, and sells for more than the bank lien amount, who gets the profit?

In Texas at the auction, if the foreclosed property sells for more than the mortgage lien and fees, who gets the profit. The mortgage company or the owner/borrower?

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Answer: The lender that holds the lien.

Texas Foreclosed Homes - TX