Foreclosures Help Information

Posts Tagged ‘home’

Hud Foreclosed

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.

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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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Rent Own Foreclosed Homes

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?

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

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Az Foreclosed Homes

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.

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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...

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