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

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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!?!

Illinois Foreclosed Homes is a post from: Foreclosures Help Information

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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

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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 )

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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.

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Answer: Not sure about CA, but where I live (another depressed area) the rental market is booming. I mean price your place right and the phone rings off the hook. All those people that are losing their jobs have to live somewhere, I guess.

LAS VEGAS REAL ESTATE UPDATE-TENANTS BEING FORECLOSED UPON

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Answer: This is asked in Y A everyday, and the short answer is that free sites don't exist. And the ones you pay for are not renowned for their accuracy.

Here is a free foreclosure listing for you

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Answer: The new foreclosure law requires that the bank let you live out your lease or give you 90 days notice if you do not have one. You must continue to pay him the rent until the day the bank takes possession. After that you pay the rent to the bank.

Here is the new law: http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf

Colorado Springs Real Estate HUD Foreclosure 6696 Flintridge Dr 80918

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Question: Is it a smart time to buy property, especially condos at foreclosure auctions for an investment?

>

Answer: Base in your area, location,and price.
try to focus to buy HUD homes first,it' very easy,and fast.
short selling take for ever.
buy foreclose condo or home in very good area.
if the market improve , it will be the first one to shoot up.
be earful and take your time and study the property.
i think the market did not hit bottom yet.
but i know their are very good investment homes.
best wishes

Foreclosed Property: How to Buy Foreclosed Properties

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Question: Forclosure Re-capture Assets?

I live in the state if Va and purchased a townhome to live in. After living there for 1.5 years I rented it out b/c I got married and moved into my wife's townhome. I also refinanced her home into both of our names. We are approx. $40k upside down in each property (ouch!)
My first purchase was an interest only ARM that is soon going to expire. Therefore, to refinance it, I's have to put 20% down b/c it would need to be an investor loan. What implications would there be if I foreclosed on my first home, which is currently being rented out. Most importantly, would the bank be able to come after any money I have saved up? Thanks for your help

>

Answer: There are two types of foreclosure methods that a state can have. It can be judicial or nonjudicial. Nonjudicial means that they can advertise it for the statutory period and sell it on the courthouse steps. Virginia is a nonjudicial foreclosure state. Your only problem is if the mortgage company sells it for less than what they are owed, they can come after you for a deficiency judgment for the difference. Also, if you have a second mortgage they could come after you for the full amount of that note if the house sells for less than what you owed on the first and the second. The mortgage company would have to sue to get the deficiency judgment. In most states if you have a judgment you can garnish wages and bank accounts. I don't know the specifics of how much they can go after in Virginia at a time. I would suggest you set down with a local real estate attorney and ask them what happens in your state. Are banks even going after deficiency judgments. Laws may have changed even in the last six months that could benefit you more than yahoo chatter.

Foreclosure does really hit your credit. Unless things change you will not be able to get another mortgage for 4 to 5 years at a decent rate.

Tim Cook

www.timcooklaw.com

Home Loan Horror Story Mortgage Meltdown Foreclosed Home

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Question: What is the best way to find foreclosure properties in my state (MD now, but also considering DE)?

Can I search online, and if so, is it free? The house would be a residence for me, I am not an investor at this time. I would not want to resell the house for a few years.

>

Answer: I have found that the best place to get a free list is http://www.yourforeclosuresoftware.com/7dayfreetrial/
because they have a 7 day free trial, I just cancelled before the 7 days and they never charged me, hope this helps!

Find Foreclosures Online

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Question: Is it true that those people on TV can actually help you buy foreclosed homes with no money out of your pocket

A lot of infomercials selling a book on buying foreclosed homes to make a profit. Is this even possible? What do those books teach you anyway. Has anyone bought any I'm curious because it sounds too good to be true?

>

Answer: You can make money buying houses for appreciated value but you need a lot of knowledge and some money.

The guys on TV are not lying, they are overvaluing what they have to sell you. As mentioned earlier here, check out your library first. Read a ton of stuff about buying foreclosed properties.

Then take a step back and ask yourself if it is worth the extreme hassel of renting that property if you can't sell it right away. I've been a landlord and it sucked.

Curious about flat fee real estate agents?

http://www.flatfeerealestateguide.com

5 Things to Know Before Buying Foreclosed Homes

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Question: Hud Foreclosed Property is a Joke!

I found a hud foreclose property and put a bid in for the home. I got the bid, my pest inspector found termites, hud said there were no termites come to find out they had a old termite letter, which took them only a month in a half to figure that out. The posted the house online and took bids on the house and advised that the HVAC was not working and they were allowing a 203k loan to repair the HVAC. However today I am suppose to close and hud don't want to pay to have the HVAC repair. I will advise anyone that is a first time home buyer not to do this. I am a first time home buyer and this has been my worst home buying experience ever.I am so wanting to back out but they will keep the $1000.00 I had to give for earnest money. I just don't understand how you advertise something and its not true and why is this. I hope and pray I never have to deal with hud again. I was suppose to close at 11am its now 3:30pm and still haven't heard from them. Why is this going this way I did my part.

>

Answer: I bought 2 HUD repo's. I learned a good lesson and it applies to all repo's. I have to bargain hard. So hard that i don't care if there are termites. Don't care if the AC is gone. I don't care about anything because i bought it for "my" price.
You entered this sale thinking that you were dealing with a "normal" seller. A normal seller will fix things that are wrong. HUD is not a normal seller. If you had offered $30,000 less money, you wouldn't be unhappy now. You'd be smiling. THis is a tough lesson. /

How a House becomes a HUD Home

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Question: Is it possible to get a mortgage if you are in foreclosure?

I am 3 months behind in payments and my house will be sold at auction soon. Is it possible to refinance and pay for my old house plus get another? I have been trying to sell my old house but no dice. I would ideally liek to pay off this debt and find a new home. If worst comes to worst and my house does not sell and I get foreclosed, will i be able to get another house and mortgage? Is it possible to rent to own a home without a mortgage?

>

Answer: you have already proved you cannot pay a mortgage. no one is going to give you another one

Make money Lease Options, Rent To Own, and Owner Financing

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Question: i own a home, loan is only in my name. my husband wants to buy a home in his name only to rebuild credit...?

in worst case scenario i have to foreclose or file for bankruptcy on the home loan in my name only- (i bought the home before getting married)
1.Will it affect my husbands credit?
2.Can the bank take the new home in my husband's name?
3.Will the bank take my car (purchased 9/09, need it for work) or my husbands car(paid off)?
State is AZ

Thanks, and please refrain from morality judgments. I just need facts. Thank you.
In response to "Pengy"- we DO NOT file jointly to get the tax return credit, and he has already been pre-qualified for the loan.

>

Answer: 1) shouldn't effect your husband's credit

2) possibly, depending on AZ's family law. Assets purchased, while married, by one spouse can be determined to be property of both.

3) The bankruptcy judge my deem both vehicles assets on your balance sheet in which case they can be disposed of in order to pay creditors.

I'm sorry you are in this situation. It is going to be ugly for a while for you...

Buy Foreclosed Homes in Buckeye, AZ on buckeye homes for sa

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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.

>

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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Is your property on the brink of a foreclosure? Well, you're not alone. In fact, the number of properties due to be foreclosed on in the state of Massachusetts is increasing at an extremely high rate. However, this doesn't mean that Massachusetts homeowners are in a hopeless situation. Though in financial hardship, homeowners still have a chance to stop foreclosure. There are options available to avoid foreclosure of your property and all the consequences that the foreclosure process brings.

One option is a 'deed in lieu of foreclosure.' Simply, a deed in lieu of foreclosure is giving back the property to the lender if the borrower is no longer capable of paying for the remaining balance of the loan. Both the lender and the borrower then enter into an agreement that the remaining balance of the defaulted loan is forgiven. The borrower is now free of any obligation to pay the entire loan.

Pretty simple isn't it? Or is it that simple?

First, a deed in lieu of foreclosure could only be possible upon the lender's consent. Convincing a lender to sign a deed in lieu of foreclosure may be extremely difficult. What lenders want is cash. Not another property to be sold. This is especially true if they already have in their possession a number of foreclosed properties or properties with a lien.

This difficult situation becomes impossible if you owe more than the value of the property. A lender doesn’t want to possess a losing piece of real estate. Instead, they’ll advise default homeowners to put the property on the market for a few months just in case it can be disposed of through a short sale. While this is another option of foreclosure prevention, a short sale has its own pitfalls. Either way, you will lose your home. It's just choosing the lesser evil.

To avoid this dilemma, homeowners resort to a much wiser alternative. This alternative is called loan modification. The greatest advantage to executing a loan modification is that you are given a choice to keep your home. This is done through a negotiation with your lender to adjust the terms of your existing mortgage. Through loan modification, the payment for the current month and the succeeding few months there-after could be suspended. The paying period can then be extended thereby reducing the monthly amortization. Depending on the newly agreed terms, the interest rate or even the principal amount could be reduced to a level you may not even expect.

The best way to do this is by seeking expert loan modification assistance. One company that has been assisting Massachusetts homeowners in stopping the foreclosure process is LIG Loan Modification Services.  These experts can help you prepare and negotiate with the lender on your behalf. They can use different tactics, such as appealing for a humanitarian consideration due to your current financial situation. They may also challenge the lender's pricing and interest rates and computations charged against your property. Third party representation is the best option since they cannot be targeted by collecting officers.

Remember that it is always better to keep you from leaving your home. It is always wise to have an option that would dispel any financial worries while enjoying your life in your dream home. With loan modification, you keep your house and your credit record is not affected from the modification.

©2008 Tom Brady
Reprint rights available for free

About the Author:

Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services, a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.

Article Source: ArticlesBase.com - Deed in Lieu of Foreclosure: Will it Do?

Real Estate: Buying, Renting & Selling : How to Sell a House in Massachusetts

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Financial Settlements are one of the primary concerns for most of those ongoing divorce cases, in Austin courts today. Stress adds in when there exists a mortgage involved while settling financial disputes. The couple wanting to have the complete ownership of their home equity in most cases work cynically together. But, if you are resilient, wanting to move ahead with your life independently, a quick sale is the most precise option which generates immediate funds to financially support your decision.

A Quick Sale though convenient as it sounds, becomes more of a snag when couples aren’t amicable and have unrealistic expectations. In some marriages only one spouse handles the payment of the mortgage. Often times during a divorce through whatever reasons, bills go unpaid. The spouse living in the house is then placed in difficult situations in regards to the mortgage. Divorcing couples, mostly are naïve to the real estate market, are not aware of rescue options that are available to save their homes. The end result is a foreclosure, which could have been well prevented.

I am not going to get into the details of obtaining a mortgage. Lets dive into pitfalls of foreclosure. When one Mortgage payment default leads to another and when skipping payments becomes habitually repetitive, the lender would initiate their efforts to take the house back and auction it off for sale, to recover the loan amount. This process of recouping the loss of mortgage is termed as foreclosure. The lender or the banker files a “foreclosure petition” in the local tribunal courts and the legal proceedings are carried forward by the court and county sheriff. If there is no justifiable response from the mortgagee, the county sheriff would carry out the court order for auction and all proceedings from the sale will be disbursed according to the claims arbitrated by the lender.

While foreclosure attempts to reimburse the lender of the loan amount, the mortgagee usually looses out heavily through his credit score. Foreclosure, is the second worst credit nightmare, which can bring down a defaulted mortgagee’s score drastically. So, if you are one who is struggling to make mortgage payments or find yourself in troubling situation due to your divorce, then I would recommend you opt for quick sale. A quick sale can provide you both with cash and salvation from the consequences of foreclosure. One of the safest and easiest quick sales that I know of is a Cashout option. The Troubled Homeowner Organization offers struggling homeowners the ability to have their back mortgage payments paid and cash settlement within days. The Cashout option is known for its reputation to help mortgagee move on with their lives and overcome foreclosure. All kinds of homes, including single-family, multi-family, rundown, dilapidated ones found in poorer neighbourhoods and even those that are danger of repossession can qualify for the Troubled Homeowner Cashout program. Troubled Homeowner is another firm whose business sincerity has helped many mortgage payment defaulters escape a foreclosure sale. You may choose to contact them online, by fully filling out the online form and a Troubled Homeowner representative will be contacting you back to discuss about your mortgage case.

About the Author:

Article Source: ArticlesBase.com - Stopping a Foreclosure during a Divorce in Austin,Tx

Stop Foreclosure Texas

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Question: How do I find foreclosed homes in my city without paying for them?

I am always hearing about all of these foreclosed homes, and how you can buy one at a fraction of the price of a normal home. However, I am clueless on how to obtain a list of foreclosed homes. I am in the beginning stages of house hunting, and would like to know where to start. Thanks

>

Answer: You will have to go the various government websites like HUD and FHA and search their listings. This is the source of a lot of the foreclosed homes listings that you pay for.

Alternative: find a realtor who is authorized to handle HUD/FHA foreclosure properties, and have them show you the ones in your area.

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Question: Is it difficult to buy a home @ auction that is in foreclosure?

Is it harder to get financing? Are there specific type of financial institutions that specialize in financing the purchase of foreclosure homes?

>

Answer: Definitely harder to get financing. Hard money lenders will give money to almost anyone but a steep price, interest or collateral.

3 Ways to Profit from Foreclosed Homes

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