Foreclosures Help Information

Posts Tagged ‘home’

Buying Foreclosures In Texas

Question: Can a realtor purchase a persons and lease it back to them so that they can avoid foreclosure?

A friend of mine told that this was true in Texas where we live. She said that the buy the house from the mortgage holder and lease it back to the home owner with the option to purchase it back typically within a year. She says this allows the home owner to reestablish their credit score. Is this true.

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Answer: Yes. But it's going to cost you. They are not going to do this for "free".

Real Estate - Selling, Buying & Foreclosures

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Foreclosure Attorney New Jersey

Question: Is New Jersey a allow deficiency judgement lawsuits?

I was told by an attorney that New jersey is a walk away state in regards to foreclosures but I read online otherwise. So I need to know if a deficiency lawsuit can be brought if proceeds of foreclosure sales is less than amount owed on loan.

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Answer: New Jersey does allow deficiency judgments. A recent study of state foreclosure laws by the Federal Reserve Bank of Richmond classifies states as "Recourse" (meaning deficiency judgments are readily available) or "Non-Recourse" (meaning deficiency judgments are unavailable or difficult to obtain. The study classifies New Jersey as a "Recourse" state and describes New Jersey law on this subject: "New Jersey: Lenders foreclose through a judicial process. State law permits deficiency judgments but the borrower must be given credit for the fair market value of the property and must be brought within three months of the foreclosure sale. The pursuit of a deficiency judgment extends the redemption period from 10 days to 6 months. We classify New Jersey as a RECOURSE state. The relevant statutes are in the New Jersey Permanent Statutes Title 2A, section 50." You can download this study for free at http:///www.richmondfed.org/publications/economic_research/working_papers/index.cfm.

NJ Foreclosure Attorney

Foreclosure Help Homeowners

Question: I am looking for the name of the Goverment program which helps homeowners with avoiding foreclosure?

Please tell me any experiences you have had with this or any other good programs that are similar.

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Answer: I recommend first going to a non-profit housing counseling agency first. The counseling session is free of charge, takes no more than 30-45 minutes, and they can provide you the resources you need to save your house. Some resources can be local to your state, county or city, and some are nationwide, and some programs are offered at your lender's discretion.
Keep in mind you will need to meet certain criteria for some programs. Some may have income requirements, etc.

Analyzing Obama's Plan to Help Homeowners