Foreclosures Help Information

Posts Tagged ‘Foreclosed Homes’

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

How Do Foreclosed Homes Work

Question: How do I purchase a foreclosed home and is it a good idea?

I am looking for a home for my first house, and even though I have some time and can save a bit, I need to know if its a good idea for someone on limited income to consider living in a home thats been foreclosed on, and possibly invest in a couple of other properties at some point. How does the process work and is it a good idea for a first time buyer? Also keep in mind I am living in Virginia now and am looking at the possibility of a home in the New York City area so I can move there to kick off my career(I am a theater student currently).

Answer: Its a really good idea. Most of foreclosures already have equity which is a great start. Umm Foreclosures are owned by banks or a morgage company and some properties are sold in an Auction which require it to be a cash buy.

Larry fights foreclosure in Los Angeles, CA

Illinois Foreclosed Homes

Question: Does the FHA appraisal require appliances?

My agent insists that it does. I am FHA approved and looking at foreclosed homes which usually don’t have appliances. My agent has said that I must install appliances prior to the appraisal, but I risk the chance of not getting them out of the house in case I don’t close. I live in Illinois if it makes a difference!

Answer: FHA 100% requires appliances. The house has to be in move in condition.

FHA rarely approves foreclosures, you really should be looking at normal homes if you want FHA approval. The biggest problem is getting all of the water and power up and running prior to the inspection, the banks are not so great about that. This is the main reason most will not accept FHA bids, just too much of a hassle.

Can you believe California has nearly one fourth of the countries foreclosure filings!?!

California Foreclosed Homes For Sale

Question: Foreclosing on a Home In California with a First and a Line of Credit?

I have a First and a Heloc from a Credit Union. My house has been on the market for nearly a year with no action. I am selling at a fair price that will cover paying off the loans and the Real-Estate fees. If I choose to foreclose on the home, what are the ramifications regarding the 2 loans. Will I be liable for any damages to the credit union? If I do a short sale do both lenders have to agree or just one? How long will it take to recover (credit wise) from a foreclosure vs. a short sale?

Answer: The short sale will have less of an impact then a foreclosure, but both are about 7 years.

Yes, both lenders have to agree on a short sale, you will screw both, so both have a say.

SOUTHERN CALIFORNIA FORECLOSURE TRUSTEE SALE.wmv

Ohio Foreclosed Homes For Sale

Question: Doesn’t the court have to notify us when our house has been foreclosed on and set for Sheriff’s sale?

Our home was foreclosed on. We open all of our mail from the court and the bank’s attorneys. We do not have an attorney ourselves. We found out by checking the court computer system that the order of foreclosure was signed by the Judge in November but we NEVER received notice of any kind. Today we got notice that the home was set for Sheriff’s sale next month and again, we NEVER got any notice. This doesn’t seem right. We are in Ohio. Is this allowable and if not what can we do?
To clarify – it was foreclosed in court. We found out about the sale but did not receive notice from the court or anyone else. We don’t contest the fact that we have to leave, we are just trying to make plans and that is hard to do when you aren’t getting the notices that we are legally entitled to. Even poor people in debt have rights.
Foreclosed by the bank.

Answer: Well you should have known that you didn’t have much time left if you weren’t paying the bills. But if You were paying the bills and everything then you have a case. The letter saying that it was set for sale is the forcloser notice. It is perfectly allowable because you weren’t paying your bills and that is what happens to people who don’t pay. Sorry that this is happening to you, but there isn’t anything that you can do.

Galloway Ohio Home For Sale (866)830-1620 x 2300