Foreclosures Help Information

Posts Tagged ‘bad’

Hud Foreclosures California

Question: How do I find REO and foreclosures in my area?

I want to buy a house, but with my credit and the amount I want to pay a month, I need lower prices. I also can't buy a condo due to the FHA we are approved for. I want to be able to make a profit by buying it cheap as a foreclosure and then resell when and if the market goes sky rocketing in California again. Please help me find good and accurate websites with HUD foreclosures and REO properties so I may buy a house.

>

Answer: Just because they are HUD foreclosures and REO properties does not mean they are going to be a good deal.

You have to remember that many people had their houses financed to 100% or more when the market was high. They did not pay on them and the banks an HUD took them back at those high prices. Sometimes you can get a short sale but you can figure the short sale price is going to be what the house is worth on todays market. It not going to be a low priced deal.

It is normally best to find a good agent that deals with people that are behind on their payments before foreclosure starts. Many of them are willing to make a deal to keep from losing the home to the bank and screwing up their credit.

Bank robbers (North Hollywood California)

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Mortgage Foreclosure In Pennsylvania

Question: House foreclosrure?

I rented a house 6 months ago. I recently found out the landlord must not be paying the mortgage. A sheriff showed up at the door to serve the landlord with a civil suit. How long do i have before this foreclosure happens?(i live in pennsylvania) should i move out asap? keep paying rent??

>

Answer: Start looking for a place; once the foreclosure is complete, you may have to move out as your lease is not valid with a new owner thru a foreclosure;

Some basic facts:
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instrument: Mortgage

Timeline: Typically 90 days

Right of Redemption: No

Deficiency Judgments Allowed: Yes

In Pennsylvania, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure
In Pennsylvania, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin.

The notice of intent must be sent, by first class mail, to the borrower, at their last known address and if different, to the property secured by the mortgage. The notice should not be sent until the borrower is at least sixty (60) days behind in their mortgage payments.

In the notice, the lender must make the borrower aware that his or her mortgage is in default and that it is their (the lender's) intention to accelerate the mortgage payments if the borrower does not cure the default within thirty (30) days. This means that the remaining balance of the original mortgage will come due immediately.

If the borrower does not cure the default by paying the past due amount, plus any late charges that have accrued, within the thirty (30) days, the lender may then file a suit to try and obtain a court order to foreclose on the property.

If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.

Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption once the foreclosure sale is complete.

More information on Pennsylvania foreclosure laws.

Obama: "Small towns cling to guns or religion"

Mortgage Foreclosure Minnesota

Question: people going into foreclosure in minnesota, advice?

I am going into foreclosure in minnesota and being I have 2 mortgages out (20/80), the one that I got behind on was the 80 being it wasn't a fixed rate and it was a bigger payment, and also due to my husband not giving me money on time to make the payment, so we gradually fell behind beyond what we could get caught up with. I have been keeping up with my smaller payment however which is $430, but being my house is getting foreclosed on anyways, should I keep making this other mortgage payment or not? I need to know from someone who has had this same experience or in my situation please.

>

Answer: you need to seek a mortgage modification loan from your lender if at all possible talk with them. If not then you are going to default on both loans so paying may help with any balance owed so yes you can keep paying or default entirely on both

Mortgage Foreclosure Issues