Foreclosures Help Information

Posts Tagged ‘Foreclosure’

Bank Foreclosure Auctions

Question: Bank Owned properties: How do I get information about REO for free?

I have found some houses that are currently bank owned (I assume a REO). I have found these through a site that lists pre-foreclosures, foreclosed houses up for auctions, and bank owned properties...
But it won't list the address, or anything about when the auctions are, and I have no idea who to contact if I am interested in this house without paying for the service. Are these records listed for free anywhere? Can I go to the cityhall of the city the house is in? Do I have to go to each bank to find it out?

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Answer: Bank owed homes have already been through the auction process, no one purchased them at the auction. That is why the bank now owns them.

You may call most of your major banks to see if they will provide you with a list, but I think you will find this fruitless as most banks now list their bank owned properties with a real estate agency for them to sell. Therefore if you are looking for a bargin there are few even if the house is in need of minor repair, because the real estate agency want to earn the maximum commission even if it means the house will be returned to the bank if it goes un sold.

Pre-foreclosures are listed at the county court where you reside, you have to go through each property to find several that you might be interested in.

The properties listed at these sites you find are teasing when they show a property but not the address or contact information. Most with the contact information is to real estate agencies, because that is who the bank has contracted to sell their property.

I find that the best way to locate people that are in pre-foreclosure is to select an area in your city that you want to invest in or reside. This area should contain at a minimum of 5,000 houses or more.

Make a letter or flyere stating that you purchase foreclosed property paid for or not and that you pay all cash and can close within 14 days. Get this letter ran off at Staples or Office Depot or any other copy place. Make sure you sign the original unless you want to sign each one individually. Make sure you have a telephone number listed on the letter that can be reached 24/7 even if it is an answering service. The telephone must be answered or at least a message saying you have contacted the person that purchase foreclosures,please leave a message.

Send these letters to the area you have selected to work. You should send them a letter at least once per month. I find it better if you walk the area and put the flyers on each door. Please do not place them in any mail box. This is illegal. If you have children they might be of help to you. Don't forget to reward them. Once you have walked the area for about three months with your flyers, you should consider making a newsletter to mail. Check with the United States post office near your for bulk mailing fees.

You might also go to the commercial areas and see if some of the commercial shops will allow you to place this same letter in their shops. You may purchase holders for your letters at Staples or Office Depot. Go by these shops that allow you to place you literature in them at least twice a month to change your letter and insure that you holder is clean and the letters are not all bent causing your flyer to look bad.

I would also suggest you purchase a few books on foreclosure at your local book store. There are several good books on foreclosure. You might also purchase one of the midnight real estate gurus course. They will supply you with several forms as well as some techniques to use. They also have scripts to use when you are called. Use them for what they are worth. No one is gonna give you thier house free with no money down. That is not what that means.

I hope this has been of some help to you, good luck.

"FIGHT ON"

IS IT HAPPENING TO YOU? FORECLOSURE BEGGING EFFORT - US BANK PHONE CALL

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Foreclosure Lawyers In Las Vegas

Question: Buying a house after filling for chapter 7?

At the moment I live in Las Vegas.I just filled chapter 7 about 2 years ago, the lawyer told me that I would have to wait 1 year after I filed before I would be able to buy a new house, since I lost mine due to foreclosure. I called my broker to buy a new house under 40k puting a downpayment of about 5k and was told that I would not be able to buy any house for another 2yrs on my credit. I know that chapter 7 will be on my record for another 7 yrs after has been filed, but how can I get another house on my own? Any help will be great......thanks

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Answer: Your lawyer might have been right two years ago. I don't know if you ever watch TV or read a newspaper, but the predominant story over the past year anyway has been the bursting of the housing bubble.

Then came the financial meltdown (you know the one, where the banks and financial institutions had to borrow billions from the government or go bankrupt!)

Now lenders make decisions very, very differently than they did 2 years ago. Now waiting only a year after a bankruptcy will not be enough. You will be lucky to get any mortgage loan in the next 3 years.

good luck!

PS - you will need a credit score of ~700 to get a mortgage these days.

Las Vegas Bankruptcy Attorney

Stop Foreclosure Eviction

Question: fannie mae evictions?

I'm currently living in a property that was lost in foreclosure in late nov.2008 on DEC. 4 I received a 60 day notice. I found out 2 weeks ago the property was Fannie Mae owed since they stopped foreclosures and evictions till march 6, 2009 will the 60 days start counting after march 6 or by that day I have to move. I contacted the agent in charge of the property and told them I'm interested in renting the property from Fannie Mae and he told me I was better off moving instead. What can i do to find out more i tried calling Fannie Mae and was told i need to get the info from the agent in charge of the property please help
I am located in California

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Answer: You don't say where you are located, and Fannie Mae may have more incentive to rent a foreclosed property in your area than where I am.

I suggest that you call the agent again, and get his/her address and send, in writing, your interest in renting the property. You might send a copy of the letter to the agent's broker and if you have a mailing address, send it to Fannie Mae as well. [If you work your way through the Fannie Mae system, you may even be able to get the name of the representative who handles the foreclosure properties in your area.]

Things have changed a lot since I was an asset manager for Fannie Mae properties for my broker. It is possible that if the property is rented out, the agent may have to service the rental listing which is a pain if s/he is a selling agent and receive a minimal fee for the effort. Or, the agent may have the property removed from his/her inventory and not have the chance to sell it and actually earn a commission.

Or, the agent may be a straight shooter. And actually helping you by saying that dealing with Fannie Mae as a LL is a major pain.

Only one way to find out.

Good luck.

Eviction Foreclosure, Stop Foreclosure, Foreclosure Help