Foreclosures Help Information

Posts Tagged ‘financing’

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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Mortgage Foreclosures In Minnesota

Question: What to do???? My landlord is not paying the mortgage on the house and we have a VERBAL LEASE ?

I live in Minnesota, and I moved into a house for a friend that had renter issues. I offered to move in, and for the past two years have been paying the rent. With me and the people who live here, I'm positive we are giving him more than enough to pay the mortgage....

The other day there was a lady who stopped by to inform us that this house is on the verge of foreclosure.

I understand it's time to find a new place to live, but what are my rights? Do I have any? I'd love to stay here, but I certainly don't want to buy it to do so. Any suggestions, please help?!?

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Answer: You have no rights to the property. You simply need to move.

Commercial Mortgage Loans in MINNEAPOLIS, MINNESOTA

Bank Foreclosure Rentals

Question: Can I buy a house with a foreclosure and bankruptcy on my credit record, but can afford to put 30k down?

Two years ago my house went into foreclosure. I was engaged at the time and put her name on the house also. When we broke up she wouldn't talk to me about options on selling, so instead she left her father to do the negotiations.
I truly believe that he was out to get me, regardless of what it would do to his daughters credit score. They wouldnt budge to sell the house and when I found out I was able to get a court order to sell the property, it was too late and it went into foreclosure.
After it foreclosed I felt forced to file Chapter 13 bankruptcy, due to the fact that I was laid off and the house sold at auction for 40,000 less than what was owed.
Since then I've moved back in with the parents, been in school for the past two years, and plan on transferring to another university next year.
I've been able to save enough to put down 30-40k on a house or condo. I'd rather go that route instead of losing money in dorm costs or apartment rental.
Will a bank lend to me?

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Answer: Only way to know is to try. You might, in order to make sure you don't run into money problems, want to get a couple of roommates lined up as well. I get that you saved money, but this could be a way to make up for the hit you took.

Depending on where you live, etc. that $30-40K could be 10, 20, or even a higher percentage of the sale price and that DOES cut some ice with lenders. Especially if you buy with the intention of selling in 2 or so years, you should get some nice capital gains on the place as the market WILL rebound.

Good luck.

Miami Real Estate, Guillermo Fernandez, Miami Realtor,Kendall Foreclosures, Bank owned properties