Foreclosures Help Information

Posts Tagged ‘home’

Foreclosed Chicago

Question: If you rent, and the landlord gets foreclosed on, do you still pay rent?

I was just reading an article about how renters in Cook County (which is Chicago and some suburbs) now get 120 days notice of foreclosure before they get evicted. So I was wondering, if you are a renter and your landlord isn’t making the mortgage payments, are you still obligated to pay rent? I would think that once you got notice that the property was being foreclosed on, you wouldn’t have to pay rent anymore, since your rent wasn’t going to the mortgage anyway and you are losing your home. Anybody know for sure?
Just wanted to add-I am not in this situation, I was reading about it and wondering how it would work.

Answer: Since there is still an owner (now the bank) and you still occupy the owner’s premises (the apartment) you still have to pay rent. Just make sure you pay it to the correct party.

Chicago Foreclosures List.avi

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

Buying Foreclosed Property From Bank

Question: Once your house is foreclosed on and you have had liens against your house do they follow you?

We got sued a couple of years ago when a kid got injured on our property. He won a settlement of $75,000. They put a lien on our house. Our house was foreclosed and sold at auction and we were evicted on Sunday. We got a note from the bank saying thank you for paying off your house. If we go to buy a new house someday does the $75,000 lien come with us or was it settled when a flipper bought our house?

Answer: Was the house sold for more then you owed? If it did then what ever was left over then it would have gone to payoff that lien. If not then the lien will follow you until it is paid off. If the house was sold for less then the amount owed you will be responsible for the difference of that also. Good Luck.

The Real Estate Newbie Investing Show – Buying Foreclosures ( Bank Owned Properties )

Stop Foreclosure Sale

Question: Stop Foreclosure Trustee Sale?

We have received a date for a trustee sale on our house. we are behind 6 onths and have talked with a attorney. He wants us to file a BK but our income is too high.( so is our mortgage)..
Anyway I have two questions..
1. Is there anyway to stop the tustee sale without using a attorney??
2. If we file a BK to stay in the house a few more months, will it show on our credit report if we dont do anything past the filing??
Thanks
Confused & Broke

Answer: John, the attorney’s advise is most likely your only option due to your current financial situation.

If you had paid a small amount of your mortgage each month and at least spoke to the lender when they called, you might have staved off the foreclosure proceedings. Now there are only two ways to stop it, file BK or pay up.

Save my home from forclosure? Get a rate modification? Stop foreclosure sale.