Foreclosures Help Information

Posts Tagged ‘foreclosed-properties-in-california’

Foreclosed Properties

Question: How do I do research on foreclosed properties, what do I need to find out and where do I go find the answers?

I was recently looking to bid on foreclosed properties on ebay, does anyone know how this works and what I need to find out before I bid? Please serious answers only, professional realtors opinions or advise is greatly appreciated.

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Answer: You can bid on foreclosed properties right in your own area. That is your best deal anyway, as you will not have to travel all over the country to flip the house.

Most every county in every state will have a department (usually availabe online) that lists both the auctions for foreclosed properties and the auctions for properties being sold for back taxes. In my area the auctions are 2-3 times a month.

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Foreclosed Houses For Sale In California

Question: I Going Crazy with Foreclosure!!!!?

My husband is not in foreclose yet, but soon.... I need some advice, he has great credit and he can't afford to the house anymore..i moved out 5 months ago due to speartion.. i have my own house. All he has on his credit is the house.... he doesn't want the house anymore....I read bad stuff about citi bank...i scard for him to call them and ask for a deed of leiu.. what should we do? He want to let the house go but don't want a huge dept in his name...i know whe should try to short sale but right now that is not even working for other homeowner in california....After forclosure, how likely is the bank to come garnish anythiing from you...can they take my house even if they house is under my name loan & deed... please Help!!

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Answer: He should just call the bank and ask them what he can do to start the process of offering a deed in lieu of foreclosure. It doesn't really matter what you've read about Citi right now -- some deeds in lieu they will accept, others they will not. But you won't know until you try.

The deed in lieu will look bad on his credit, but not as bad as having a bunch of late mortgage payments and then a foreclosure. So avoiding a full foreclosure will do a little to help preserve his credit after losing the home.

If the bank accepts the deed in lieu of foreclosure, they can not stick him with any more debt. The bank accepts the deed to the house (DEED) instead of (IN LIEU OF) taking the bank through the legal process of foreclosure (FORECLOSURE), and that is payment in full of the mortgage obligation. He will not owe anything else after giving Citi the deed in lieu and they can not try to garnish wages or sue him.

But if he waits and waits and the house goes into foreclosure and he does nothing to save it and the property sells for much less than what is owed, then the bank will have an opportunity to sue him again after foreclosure for a deficiency judgment. Most banks hardly ever do this in practice, though, because they know that foreclosure victims do not have the money to pay tens of thousands of dollars in judgments, and it will cost the bank more in legal fees than they will ever collect.

Good luck.
ForeclosureFish

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