Foreclosures Help Information

Posts Tagged ‘Foreclosure Properties’

Mortgage Foreclosure Properties

Question: Does a mortgage foreclosure erase an existing foreclosed lien?

Our condominium association filed and foreclosed a lien for unpaid dues. Redemption period passed. Several months later (now) mortgagor (bank) is beginning foreclosure process for unpaid mortgage. Property is "under water". If mortgage is foreclosed and redemption period passes, what happens to our existing lien?? Thanks.

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Answer: When the mortgage company forecloses there are several things that can happen. The mortgage company may pay off the association because they have agreater interest in the property. You may also receive a 1099 for income earned that you file have to file on your tax return from both parties.

Mortgage fraud scheme involved in more than 550 foreclosures

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VA Foreclosure Properties

Question: I bought a VA Foreclosure but the title wasn't transferred, what can I do?

Purchased a VA Foreclosure as investment property and financed it (VA Vendee) through CountryWide mortgage. Five years later when applying for a home equity loan was informed that the tite was never transferred to my name. Why could CountryWide give me a mortgage knowing the title wasn't transferred to my name? Can I get the title transferred in my name now?

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Answer: sounds like you have a contract for deed, Something here you are not aware of. I did that on a foreclosure from a bank once, and when it was paid off they then gave me a clean title. I made a fortune on that property, and still own it. Gives me almost $6500 a month income, with about $1000 a month in taxes...

Virginia Foreclosure Homes - VA

Government Tax Foreclosure Properties In California

With the increasing rate of foreclosures nationwide including Los Angeles – the largest city of California is attracting homebuyers and real estate investors to pour their money to buy them. Los Angeles foreclosures occur in the situation where lender repossesses the mortgage property and then sells it to recover the default loan.

But before sailing the boat into Los Angeles foreclosures one should educate oneself about the process involved and get ready with vital research with strong track. This can be done without visiting to a real estate broker that could be burdensome. Now days, web based real estate listing services are available which help you in your goal to get a right property. These services are flooded with necessary pre-foreclosure and foreclosures information.

All states have their different laws. Before venturing in Los Angeles foreclosures buyer should get familiar with the foreclosure law prevalent in the local state of his desired property. For example, some states like Florida and New York follow the judicial process which require the lender to file a lawsuit against borrower and when the court orders, only then the property is repossessed by the former party. Whereas, states like Texas and California follows the non-judicial process.

So, for prospective home buyers and investors, there are three different opportunities where he can bargain for Los Angeles foreclosures -

• Pre-foreclosures: here the buyer can directly contact with the seller, inspect the property and close the deal.
• Public Auction: in this situation, the minimum bid is offered and whosoever bid the highest, will be the winner. But one should get ready with the finance as it required the cash payment. Moreover, there are cases where one do not get chance to inspect the property and know the actual status.
• Bank-Owned Properties: when the property is not sell out during the auction, the listing is sent back to the bank where the lender pay all taxes and get some necessary reconstructions done to take the property into real estate market.

Through online listings of Los Angeles Foreclosures one can get a series of property with a single search criteria like zip code, location, number of rooms, price etc. We have options of Los Angeles commercial foreclosures, repo homes and federal properties.

One should also check the status of taxes. It should be confirmed before finalizing the deal that no back taxes (that are to be paid to government on priority) are attached to the land which could move up the purchase price.

About the Author:

Ron Akins is Chief Writer on Real Estates and Foreclosures with over 20 years of experience in writing and provides expert tips on buying Los Angeles Foreclosures. For more details please visit Los Angeles Foreclosures

Source - Los Angeles Foreclosures – Makes Best Bargains Possible

Real Estate Investing - Buy Tax Lien Property at Government Auctions