Foreclosures Help Information

Posts Tagged ‘home’

Hud Foreclosure Programs

Question: Real estate question again?

Real estate question (S) help !?
I have a 100k+ in the bank (investments); I want to buy ( first home ) a small inexpensive house in the mountains. and will most likely sell in 2 -5 years (or rent depending on location -undecided ) I will most likely inject another 5-10k in the property for modern upgrades.
What would suit me best ? 30ymortgage? 15yr, or ARM?
And what program would be my best target ? FHA, HUD, Foreclosure?? I am not too picky and I have the abilities to do major renovations. This property will most likely be in the Johnson city TN. area. And it is possible I might consider another (affordable) property in another state ( the following year for business). Now,
what are my options and how can I least affect my bank investments. ONE last item how much should I put down? 20%+ (to cancel the PMI??)or is it worth it? I am making roughly 8.8% on all my bank investments- (net). Thanks !
for me it is about choices...

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Answer: sell its crashing

First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan

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Mn Foreclosed Homes

Question: Whats the chances of me gettin a home loan?

alright here it is: I live in MN.. Im a first time home buyer and I make about $31,000 a year. I had a couple credit cards that slipped behind and may have gotten to delinquent but I consolidated and have made all payments on time for the last 7 months or so. I have one thing in collections for 98 bucks and I have always paid rent on time.

I also have a co person that is gonna get this loan with me. He makes $42,000 a year, but has a foreclosure from a past marriage.

Im looking to find a home between $80,000 and $135,000. Looking to find a little fixer upper. Also alot of foreclosed homes out there for cheap.

So Im basically askin on what the chance are for being Approved for a loan at most of $135,000???????

Please give some info and possibly who may be a good lender for this type of situation........

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Answer: Not enough info.

Your debt to income ratio is going to come into play here.

Both you and your co-borrower having sketchy credit will not help.

Really, I doubt you are going to get a loan at a good rate. With your defaults and his foreclosure, you are probably not going to get a mortgage. You are going to have to put some more distance between you and your finance problems in order to get a decent rate.

Minneapolis Foreclosures | Bank-Owned Homes | REO Listings in Minneapolis | MLS Listings Minneapolis

Bank Foreclosure Inventory

Question: When a bank takes over a running business.....?

I know I posted this yesterday, but I wanted more feedback from a different category...

work for a hotel that went into foreclosure a few months ago. The owner was unable to get additional financing, we now are ran by a court appointed receiver. It is independently owned, and we were told today to do an inventory of everything down to pencils, and people would be in tomorrow to do this for everything. The bank is taking over on Friday, what usually happens with this situation? We are a struggling, deteriorating property that isn't making much money. Do you think they will close the doors?

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Answer: They will do whatever they can do get out of the business fast with as much money as possible. If the place is making any money and could possibly be sold they'll probably keep it running while they try to sell it. If its losing money and there is little chance of it being sold as an ongoing business they will probably shut it down (they won't sink any more money in to it than they absolutely have to - I guarantee that).

Reno area drive around to check for Reno bank owned home inventory and investors eye