Foreclosures Help Information

Posts Tagged ‘California Foreclosures’

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.

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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)

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Buy Foreclosures In California

Question: Can I afford to buy a foreclosed or short sale home in the San Diego area?

I currently live in the Midwest, and my family is planning to relocate to the San Diego area within the next 2 years. Coming from the Midwest, where things are a lot less expensive, it is difficult for me to get used to the idea of paying California prices for a home! My husband and I both work in health care; he's an x-ray tech, and I'm a nurse, so we are employable and not too broke, but not wealthy, either.

Anyway, my question is, if we have only about $200,000 to spend on a home, and we don't need a lot (other than a reasonably safe neighborhood), would we be able to buy a foreclosure or short sale home? How would we locate these types of properties for sale?

Before anyone suggests living in an apartment, I need to point out that we have dogs and cats, so we need a yard we can fence. Also, we have 2 kids, so a family area would be nice.

Thanks!

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Answer: To be perfectly honest with you...I would not buy a home there until I lived there at least a year. How do you know you're going to actually like it? Hate to tell ya...but I was SOOO excited to move to Colorado. But after 6 months, I hated it. Can I tell you how happy I was I didn't buy a house like I originally planned?

What seems like a great deal up front...could be a nightmare in the long run if you want to get out. LOTS of vacant houses right now for rent in San Diego. Just look it up on the internet.

We buy foreclosures in California (Short Sale Negotiator)

Tax Foreclosures In California

Question: How will a Deed In Lieu vs. a foreclosure affect my taxes in CA?

I have already tried a short sale (no luck), and I am now trying to get approved for a Deed in Lieu. I am in default of making payments for 4 months already.

My question is, How will a Deed in Lieu affect me tax wise in California, versus going into foreclosure? Should I even try the Deed in Lieu, or should I just go into foreclosure?

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Answer: I believe that would fall under the Mortgage Forgiveness Act that President Bush signed into law saying that you are forgiven the difference in income if you lost/gave up your house in 2008-2010. It's to keep those who are already in financial trouble from feeling it even more with a $18,000 tax bill. Good luck!

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