Foreclosures Help Information

Posts Tagged ‘foreclosed’

Tax Foreclosed Real Estate

Question: To foreclose or not to foreclose?

Here’s the situation: real estate prices fell, my mortgage is more then the condo is worth (which means I can’t refinance). I am renting the condo out, but still have to come up with over $500 out of pocket every month to cover the HOA and taxes. I also have an adjustable interest (which will only keep going up). If I sell, I’m still going to own on the loan. I really don’t want to foreclose. Can any one come up with any good ideas of what I should do?

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Answer: 1- if you go to foreclosure your credit will be ruined for 7 years and you will still owe the difference from the sheriff sale and the actual mortgaged amount.
2- I assume since you are renting it that you own another place that you live in. If this is so, then you should outright sell the condo- take the loss as a tax loss, and save your credit rating-- if possible, lease with option to buy and get a percentage down payment that would help reduce your monthly fees. The person you are renting to may be interested in that scenario since he is already there.
3- Are you sure your rent is high enough for the condo? that is another option to bring in more money/month.

If all of the above fail and you DO own another property- you might want to do a bridge mortgage and put some of the debt on your other home.

If you do not HAVE another home, then you have to save your credit or you will not be able to buy anything for 7 years--- you can go to the bank and see if they will do a "buy out" to save you from going to foreclosure. You actually just sign over the title to the bank and yes, you will have to pay off whatever difference there is left but at least it wont ruin your credit for life. Go to your bank-- have them discuss these option to you. If you have no other home - YOU should live in it and then you can write off the mortgage interest on your taxes----- you have options---- and there are attorneys who, usually are not well versed in real estate/mortgage options so I would choose one that specializes only in real estate law.... good luck to you.

John Beck Tax Sales, Tax Liens & Tax Foreclosure Real Estate System

New Foreclosed Homes

If you’re considering buying a new home for your family or making a real estate investment, don’t let the high costs deter you! Even though it’s a tough time for many families financially, there are all kinds of opportunities for discounted home purchase when you look at foreclosed homes for sale.

Foreclosed homes for sale don’t get a lot of attention from real estate agents or other sources because they are being sold as repossessions by mortgage lenders. However, in almost all cases they are the exact same kinds of properties that end upon the open market. Some may need a small amount of work before they’re ready fro resale, but the incredible savings you stand to gain by buying foreclosed homes for sale certainly outweighs any expenses you may need to make.

Buying foreclosed homes for sale often nets buyers savings of up to 50% off market value, and right now, the market for these incredible buying opportunities is huge. The country is experiencing a foreclosure boom in which the national inventory of these properties is increasing every month, which is driving down prices on foreclosed homes for sale in all regions. This may be the best chance for a good investment value the real estate market has left these days.

To get listings for foreclosed homes for sale, checkout ForeclosureSupport.com. They offer some of the freshest listings available, and provide great advice on buying for all levels of experience.

About the Author:

Philip Smith has been educating buyers on the finer points of Foreclosed Homes for sale purchase at ForeclosureSupport.com for over four years. Click here to visit and read more advice on buying discount real estate.

Source – Buying Foreclosed Homes for Sale: Finding Savings

Foreclosed Homes Trashed

Louisiana Foreclosed Homes For Sale

HUD is short for the federal agency called the “Department of Housing and Urban Development.” The agency offers homes to “owner-occupant purchasers”; in other words, to people who are buying the home as their primary residence.

However, there are opportunities for us, as investors, in this market. Owner-occupants have first crack at foreclosed properties. But, if these re-possessed properties aren’t sold, then we can have a shot at them. In this session, I’ll show you how to approach this market. HUD Repossessions A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. When this occurs, HUD repossesses the property and offers it for sale to recover the loss on the foreclosure claim.

All HUD properties available for purchase by the public are offered for sale at Internet listing sites. Go to
www.hud.gov
to find these sites. They’re maintained by management companies under contract to HUD. The site also provides complete information on HUD rules, programs, and properties and can direct you to realtors in your area affiliated with the HUD programs.

Real estate brokers registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker’s commission, if included in the contract. At the time of this writing, the highest maximum FHA mortgage is $362,790 while the lowest maximum amount is $200,160.

Generally speaking, the conditions of HUD homes range from average condition to terrible. Foreclosure is never a happy time for the former owners so they may not have kept the homes in good condition or even damaged them. In addition, if the properties are vacant, there may be damage from vandals.

To present an offer on a property, you must make it through a realtor representing HUD in your area. Contact that realtor and arrange for a walk-through of properties to find out what condition they’re in.

HUD prefers to sell its properties at fair market value. However, the condition of these properties does vary. So, if you’re really on top of local property values, you may be able to find some real bargains. Financing for HUD Homes HUD doesn’t make direct loans; instead, it works with lenders in a variety of programs. As an investor, you may be able to get a property for 10% down. HUD tends to like offers that are a cash-out; that is, you find your own outside financing.

If a HUD home is in really terrible condition, you may be able to get a fix up “allowance” from HUD. The allowance may take the form of a price reduction or a special loan. To get the allowance, you must make it part of your purchase offer.

In the event HUD wants to move a property quickly, you may be able to get a price reduction (“bonus”). So, if you’ve got your financing in place and can close within a week or so, you can get a real bargain. Do Your Due Diligence! Always have the property inspected by a professional before you commit to a purchase. In fact, HUD doesn’t like to tie up homes with contingencies that involve inspections so you’ll need to have the inspection done beforehand, anyway.

Key Point: Understand HUD rules and regulations thoroughly before making offers for foreclosure properties. Also, establish good relations with local HUD-affiliated realtors so you can stay on top of the market.

Jack Sternberg

About the Author:

Jack Sternberg is a nationally recognized expert on real estate investment and the creator of the renowned “Buyers First Program” who’s been in the business for more than 30 years. Sternberg’s deals have totaled over $750 million and he’s been to the closing table more than 1,500 times. For more, visit http://www.askjacksternberg.com

Source – Real Estate Bargains in the Hud Repo Market

St Tammany Parish REOs

Government Listings Foreclosed Homes

Question: How can I look up foreclosed home listings and auctions is Los Angeles Ca for free including details??

I do not want to give my credit card info for the free trials in order to view the listing details.. Are there any government websites or any websites where I can search for this completely free? Your answers are appreciated. Thank you.

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Answer: Here's a site with reviews on various different government auction websites. You may find what you're looking for there.

Video - Government Foreclosure Properties- Listings for Free

Foreclosed Homes In Ohio

Question: I am trying to get the location of where foreclosed homes are being auctioned off in Cincinnati Ohio Thanks!?

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Answer: Each county will have auctions. Hamilton county has their auctions every week on Thursdays. Their website for these is www.hcso.org. Bidding at these auctions can be great, but oftentimes the bank will end up purchasing these homes back because of the amount of outstanding mortgages then they will list them with a Realtor.

There are also auctions for properties that are listed through the multiple listing service as well. Our local MLS is no longer available for public viewing, but you can still see all the homes listed on the MLS at www.cbws.com, or another local company's website.

You don't have to go the auction route to purchase forclosed homes, a Realtor can help as well.

Having a local Realtor, such as myself set you up on a search through the local MLS will email you listings in certain areas or with certain criteria to assist you in finding the forclosures that you are looking for.

Feel free to email or IM me for further information on the local forclosure market. That is my primary focus and I list as well as sell forclosed homes.

Foreclosed Properties Being Left Trashed