Foreclosures Help Information

Posts Tagged ‘Foreclosed Condos’

Foreclosed Condos In Chicago Il

Question: How can a lien for back associations fees be obtained on a foreclosed condominium unit?

The unit across from ours has gone into foreclosure. The owner is in arrears on his association fees. Can we (the condo assocation) get a lien on the property for back association fees? Property located in Chicago, IL

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Answer: Yes you can. However, the mortgage will take precedence over your lien, so if the house is worth less than the mortgage, you won't get anything. You will only get something if the bank sells the condo for more than the mortgage, which may not be likely if foreclosure is necessary.

There are companies that will do this for the HOA. One that I have used is Sunrise Assessments. www.sunriseassessment.com

You can go to the office of the county "Recorder" (or whatever it is called for your county) and find out what mortgages and other liens are already on the property, as this is public information. Then you can compare the total of all of those with your estimate of the condo's worth to see if there is any hope that the HOA would get anything. Note that if there are IRS liens against the property, they also come before your HOA lien.

Note, however, that my experience has only been in California. Suggest you contact Sunrise Assessments and see if they can recommend someone in Illinois.

One small silver lining: Once the bank actually forecloses and becomes the legal owner, they will become responsible for the HOA fees from that point forward (but not for anything before that point). You should not have any trouble collecting from them going forward, at least we didn't in our case, we just contacted the bank's repo department and let them know, and there was no problem. If they don't pay for some reason, you could always file another lien, which any buyer would then have to satisfy.

Bottom line, you are probably not going to get back what you have lost so far, but once the bank takes over you should be able to start collecting again.

823 S. Western #4, Chicago, IL 60612

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Foreclosed Condos In Atlanta

Atlanta foreclosed homes have become so popular in recent years that some companies are offering bus tours of foreclosed homes in the city. These tours allow buyers and investors to be taken on an excursion to view foreclosure homes in the city. Some tours are organized by realtors interested in showing buyers their foreclosed properties, but some tours are run by independent operators and show a range of properties.

Experts note that such tours show how popular foreclosure properties have become in Atlanta. The free tours also reveal that the local Atlanta foreclosures market is very much a buyer’s market. There are so many homes on local foreclosure listings and so many motivated sellers that companies are willing to offer perks such as free bus tours to lure buyers.

Another trend in the Atlanta area is price. After home prices dropped steadily for 25 months, June 2009 saw a modest rebound. That month, the average home price jumped 1% over the previous month. While June 2009 prices were still 14% below June 2008 prices, many financial experts saw the small 1% increase as good news for homeowners and investors.

Like many areas across the country, Atlanta saw an increase in foreclosures in 2008. In the early 2000s, a solid economy and plenty of jobs allowed many buyers to purchase homes. Even some buyers who traditionally would not qualify for a home were able to buy a house. When the economy started to suffer in 2008, some of these buyers lost their jobs and were unable to make mortgage payments. Additionally, buyers with better credit ratings and larger incomes became more reluctant to purchase properties. As a result, many homes – both new construction and previously owned – went into foreclosure in the Atlanta area.

In August 2009, Atlanta still saw a large number of Atlanta foreclosed homes on the market and a buyer’s market, but some signs indicated that the local housing market was rebounding. The number of foreclosures in the area dropped, although foreclosures still sold briskly. The number of foreclosure condos and townhouses was especially high in Atlanta. Foreclosures accounted for 40% of all townhouse and condo sales in August 2009.

About the Author:

Joseph Smith has been educating buyers on the finer points of buying Atlanta Foreclosure Homes for over five years. Visit ForeclosureDeals.com and read more advice on finding information about foreclosures.

Source - Atlanta Foreclosure Homes Offer A Strong Buyer’s Market

Atlanta First Time Homebuyer - KW Real Estate Agent (Chris L. Williams)

Foreclosed Condos For Sale In Nj

Nine years ago my husband and I sold our 2 bedroom condo thinking that we were going to rent for a while until we were able to find a three bedroom home for our growing family (we had three young boys). We were unable to find a place to rent or buy in the county that we lived in. We moved almost an hour away to a small 2 bedroom apartment in the town that I grew up in. The housing market was just starting to take off and for the next 4 years we looked for a home that we could afford in three different counties in NJ and were unsuccessful.

Because we couldn’t find a house to buy that we wanted to live in, we decided that we would look into purchasing real estate for an investment. The problem was that rents had not rose at the same rate as selling prices of houses, so if you had to purchase an investment property and get financing, the rent that you collected would not be able to cover the mortgage payments. Still I thought that real estate investing was the fastest way to build wealth. So I thought that we should try buying foreclosed houses or pre-foreclosures.

The real estate market was booming at this time and investors were paying close to market price for foreclosures because the market was rising so fast. At the foreclosure sales that I went to, small distressed houses sold for over $300,000, and that was out of my price range.  Also at these sales you needed to have 20% of the bid price in certified funds on the day of the sale and the rest within 10 days. Since we found ourselves locked out of the real estate market, I wanted to do something with the little bit of money that we had left from the sale of our condominium to invest for our future. I had heard about tax lien investing, and I thought that was something that I might be able to do.

I started going to tax sales in NJ, the state that I lived in at the time. The problem was that I could not find any information about how to invest in tax liens in my state. At that time there was just one book in print about tax lien investing and it didn’t contain any specific information about my state. What information that I could find was very general. So I started going to tax sales and doing some research to find out more. I met someone else that was trying to do the same thing I was, only on a much larger scale, so we teamed up and helped each other.

We learned the tax lien investing business in NJ, and for a while I worked for my partner, building a sizable tax lien portfolio for him while I was building a smaller portfolio for myself. I hired a handful of people to help me and trained them on how to do due diligence for tax sale properties and bid at the sale. We even developed our own software to track our investments and automate a lot of the work.

Meanwhile I realized that there were a lot of people out there like me who wanted to learn about tax lien investing, but didn’t know where to turn. I started my web site, TaxLienLady.com, to answer questions about how to get started investing in tax liens. I researched tax lien and tax deed investing in every state and wrote a couple of e-books, which I sold through my web site. Then I started doing teleseminars, and interviewing experts in different states on aspects of tax lien and tax deed investing. I wrote step-by-step home study courses on tax lien and tax deed investing, and began doing live seminars for local investing groups.

Now I have multiple home study courses, web sites, and blogs for tax lien and tax deed investing. I have a tax lien investing podcast on iTunes, Videos on YouTube, and articles on tax lien and tax deed investing that appear all over the internet. My goal through all these mediums is to give you the truth about tax lien investing, without the hype, and to help you build your own profitable portfolio of tax liens or tax deeds. If you’d like to find out more about how you can get started investing in real estate secured tax lien certificates, or buying properties for pennies on the dollar with tax deeds, you can get my free report “7 Steps to Building Your Profitable Tax Lien Portfolio” at www.TaxLienInvestingBasics.com.

About the Author:

Joanne Musa works with investors who want to reap the rewards of investing in profitable tax lien certificates and tax deeds. Her tax lien investing articles appear all over the Internet. Her no-nonsence, straightforward approach to tax lien investing has earned her the title of the "Tax Lien Lady." As the owner of Tax Lien Consulting LLC, she has developed a full line of educational courses for investing in tax lien certificates and tax deeds. You can get her free special report, 7 Steps to Building Your Profitable Tax Lien Portfolio at TaxLienInvestingBasics.com

Source - Tax Lien Investing: How I Got Started

Bank Owned House For Sale in Jersey City New Jersey