Foreclosures Help Information

Posts Tagged ‘HUD foreclosures’

Hud Foreclosures Ohio

Question: House insurance - Ohio?

This is my first home Im buying in NE Ohio. Also this is the first home Ive bought that will be cash paid off. It was a good deal from a foreclosure HUD. In the past Ive had morgages that include insurance,ect....Will I need to get insurance, and what kind? About how much does this run?

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Answer: You will need to get homeowner's insurance on your property and for your own liability protection. The cost will range (depending on the location) anywhere from $500-$2500 a year. Also, depending on your location, you may also be required by federal law to obtain flood insurance. Check the certifcation on file with the county to see if your home is located in a flood zone, or if there is an exemption on file. You may also have to have mine subsidence insurance.

All these insurance costs and extras depend on the location of the property.

I would shop around for the best deal in Homeowner's Insurance. You may be able to get it at the same company who insures your car or other goods, and usually when you have multiple insurance policies, you get a discount. But SHOP! There is a HUGE difference in prices and companies. (I used American Family and liked them very much and got a good deal.)

Make sure you check that flood certification before you pay for flood insurance. This costs about $2000 per year!

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Hud Foreclosures California

Question: How do I find REO and foreclosures in my area?

I want to buy a house, but with my credit and the amount I want to pay a month, I need lower prices. I also can't buy a condo due to the FHA we are approved for. I want to be able to make a profit by buying it cheap as a foreclosure and then resell when and if the market goes sky rocketing in California again. Please help me find good and accurate websites with HUD foreclosures and REO properties so I may buy a house.

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Answer: Just because they are HUD foreclosures and REO properties does not mean they are going to be a good deal.

You have to remember that many people had their houses financed to 100% or more when the market was high. They did not pay on them and the banks an HUD took them back at those high prices. Sometimes you can get a short sale but you can figure the short sale price is going to be what the house is worth on todays market. It not going to be a low priced deal.

It is normally best to find a good agent that deals with people that are behind on their payments before foreclosure starts. Many of them are willing to make a deal to keep from losing the home to the bank and screwing up their credit.

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Hud Foreclosures Michigan

Question: Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time). He scored at approximately 600 on his credit reports due to old problems with his business. It shows $11,000 indebtedness on the report. How can he qualify to take advantage of Michigan's foreclosures and purchase a HUD home through FHA with the $100 downpayment program. Should he take the MSHDA pre-purchase credit repair course first? How long are these courses and do they make a difference to lenders? We need to get pre-approval for the mortgage in writing and will have the $1000 EMD and $100 downpayment as required by FHA. Unfortunately, since I'm still in Canada with the kids, I can't be added to the mortgage application until after November..and we have to be IN a new place by mid-January when the kids move over.

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Answer: I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.

They will be able to answer your questions and give you some options.

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