Foreclosures Help Information » properties,

Foreclosed Tax Credit

admin — Fri, 15 Jan 2010 17:24:04 +0000

Foreclosed Tax Credit

Question: What happens to my 2008 Homeowners tax credit after selling or losing my home? Potential Bankruptcy?

My tax credit was $7,500 which will be paid back at $500 per year at tax time for 15 years. Will it be due immediately should my house sell or foreclose? Please help!

>

Answer: yes

2009 $8,000 Tax Credit Explained

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Foreclosed Philippines

admin — Mon, 28 Dec 2009 12:59:26 +0000

Foreclosed Philippines

Question: I was looking at foreclosed lands at a bank in the Philippines. I saw one, and paid the reservation fee.?

But I found out that there is a tenant in the land, and that the tenant is the land's former owner. Also, the former owner was just about to buy back the land; I was only about one or two weeks early.

Should I pursue the land? Or should I look for others and avoid this potential court case?

>

Answer: Sounds a bit complicated to me ... I would avoid.

Access SF Interview (Part 1)

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Washington Dc Foreclosed Properties

admin — Mon, 21 Dec 2009 07:15:18 +0000

Washington Dc Foreclosed Properties

Question: Where's the best place to find foreclosed/pre-foreclosed property in Northern VA/Washington, DC area?

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Answer: The current leader on the internet relating to providing information on foreclosures is recognized as RealtyTrac however you do have to pay to receive their informational services on foreclosures. You can also contact your local banks they have OREO (Other Real Estate Owned) departments that handle the properties they have taken back.
There are others that we have found list them on the internet
In this forum participants, such as myself, give opinions on subjects that they feel they know the answer to and sometimes those opinions sound exactly like the right answers but they might not be due to the varying laws in each state, and anyone can make a mistake, that’s why I like to give links to resources that you can check all answers against, including my own opinions, in case my opinions are wrong. Since most of these links are from state & federal government & non profits sometimes they change them, let me know if the links are wrong so I can go find the new ones. So to that end here are some links that you might want to check before relying on information and opinions that you get in here, and that you might be considering following up on and as always verify everything with a licensed professional.
Chase Bank foreclosures

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

Country Wide foreclosures

http://www.countrywide.com/purchase/f_reo.asp

Bank of America foreclosures

http://bankofamerica.reo.com/search/

Regions Bank foreclosures

http://www.regions.com/personal_banking/property_for_sale.rf

NationStar Mortgage

http://www.nationstarmtg.com/Realtors/FindAHome.aspx?state=ALL

U.S. Bank Home Mortgage

https://customercare.fnfismd.com/usbankhomemortgage/reo/reoReport.asp

Wells Fargo

http://www.pasreo.com/reo/consumerSvlt/nav/ConsumerNavL1.jsp/requestPage/consumer/PropertySearch.jsp

IndyMac Bancorp

http://apps.indymacbank.com/individuals/realestate/search.asp

Chase Mortgage

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

[ ] REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):

http://www.resales.usda.gov/

[ ] Real Estate for Sale by US Government Site #1

http://www.firstgov.gov/shopping/realestate/realestate.shtml

[ ] Site #2 http://www.homesales.gov/homesales/mainAction.do

[ ] IRS: Real & Personal Property Sales: http://www.ustreas.gov/auctions/irs/

[ ] Acquiring a VA guaranteed home foreclosed by states: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm?proptype=VA

[ ] Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=90-$%5Bno%5D&op1=AND&SECT1=TXTHLB&SECT5=MLET&p=1&r=39&f=G

[ ] Homes and properties being sold by the different departments in US Government:

http://www.hud.gov/homes/homesforsale.cfm

[ ] USDA Properties for sale all states

http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm

Seminar: Buying Auction, REO & Foreclosure Homes
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Washington Foreclosed Properties

admin — Tue, 13 Oct 2009 08:39:30 +0000

Washington Foreclosed Properties

Question: How do I register to buy foreclosure properties in Washington? Honest question, no spam please.?

I am considering a move to Washington from California. I am going to have a nest egg and woudl like the option of purchasing a foreclosure outright with cash. How do I go about getting on a list or whatever to be able to buy foreclosed properties. I am looking for answers here because all the sites online just want you to subscribe for that info. Thanks.

>

Answer: You don't have to register anywhere. The auctions are published in local papers before they go up on the auction block.

In addition, your title company should be able to forward you lists, as should your real estate agent.

You can also use http://www.usa-foreclosure.com/home.aspx

To buy the property, you best bet is to work with a HEAVILY EXPERIENCED real estate agent that deals with foreclosed properties regularly. They will draw up the contracts in such a way that you are protected. If you go in there and hand cash to the bank, you could end up with hundreds of thousands of dollars in liens that show up 90 days after closing.

Washington Foreclosure Homes - WA

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Utah Foreclosed Properties

admin — Sun, 30 Aug 2009 22:32:47 +0000

Utah Foreclosed Properties

Right now, the market for foreclosures is hot. While real estate purchases in general are in a decline, investors are finding great deals in the foreclosure market. Orem, Utah has a vast amount of foreclosures listed in the local real estate market at prices well below the market values for the property.

What Kinds of Homes are in Foreclosure?

At one time, the homes that went into foreclosure were not the nicest of homes. Because of that, foreclosures have gotten a bad reputation. The changing market has helped to change the types of homes that are in foreclosure, though.

Thanks to the declining real estate market, Orem, Utah has many foreclosure listings of homes in upscale areas. These homes have been foreclosed upon for a variety of reasons, and you can find an affordable piece of property by browsing the listings.

Orem has long been known for offering great real estate. Property values and resale values are very high in the city, so people who can find a great deal on a foreclosure property will immediately reap the benefits of the sale. As soon as the property is transferred into their hands, they will have already made a profit.

Why Purchase a Foreclosure?

There are many reasons to purchase a foreclosure. Consider the following:

*Discounted price on real estate
*Find an investment property to make extra money
*Live in a home that you normally would not be able to afford

How to Find Foreclosure Property

If you are interested in finding foreclosure property in Orem, there are many ways you can go about it. First, you need to evaluate what you know about real estate in Orem, Utah. Do you know how to find foreclosure properties on your own?

If you do know how to find these properties on your own, you can try to negotiate deals with banks. However, if you are not sure how to get a foreclosure property listing, you may want to go through a realtor or a service in order to find the foreclosed homes in Orem.

A realtor will have a listing of recently foreclosed homes, and the realtor can help you see the house. Then if you are interested, you can make an offer on the home.

There are also services that give subscribers lists of foreclosed homes. When this is used, consumers have to contact the home owners on their own.

If you are interested in Orem, Utah real estate, take advantage of the deals that are offered with foreclosure property. If you would like to pick up a foreclosure property, the time is now. While there are a lot of foreclosures available at this time, it will not last forever. When the economy turns around, the opportunities to get foreclosure properties will lessen.

Educate yourself on foreclosure properties in Orem, Utah so you can make a wise decision. You could end up with a secure investment or a new residence at a fraction of the cost. No matter what you choose to do with your foreclosure property, it is a sound decision.

About the Author:

Art Gib is a freelance writer for PayneSmootGroup.com (http://www.paynesmootgroup.com), a website featuring Orem Real Estate.

Source - Finding Foreclosures in Orem, Utah

Cedar City Utah Real Estate Short Sale/Foreclosure Homes

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Government Tax Foreclosures Properties

admin — Sat, 06 Jun 2009 01:57:21 +0000

Government Tax Foreclosures Properties

Question: Before buying at county tax auction??

I'm interested in buying land/lots at a county foreclosure sale in NC. I understand I should get a title search done before I even BID.

Regarding liens - is it true that all non-goverment liens (mortgages..creditors) are wiped clean if property goes to tax sales? As I understand it...the county files/advertises Notice of Default three times..or for a period of time, giving opportunity for creditors to step forth and basically assume the county taxes in arrears.

Government liens go with the previous owner or stay on the property?

>

Answer: Buying at a tax sale is one of the best ways to invest! You are correct about everything you stated. You become the owner out right on a Tax sale. The main thing you are looking for is the condition of the property and you in case the access ability. It all depends what you are going to use the land for, what it will cost to bring in utilities and a road!

Good Luck

Real Estate Investing Tips - Tax Lien Properties - 50% Returns

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Foreclosed Properties

admin — Sat, 18 Apr 2009 04:01:06 +0000

Foreclosed Properties

Question: How do I do research on foreclosed properties, what do I need to find out and where do I go find the answers?

I was recently looking to bid on foreclosed properties on ebay, does anyone know how this works and what I need to find out before I bid? Please serious answers only, professional realtors opinions or advise is greatly appreciated.

>

Answer: You can bid on foreclosed properties right in your own area. That is your best deal anyway, as you will not have to travel all over the country to flip the house.

Most every county in every state will have a department (usually availabe online) that lists both the auctions for foreclosed properties and the auctions for properties being sold for back taxes. In my area the auctions are 2-3 times a month.

Lisa Ling Investigates Foreclosed Homes Oprah com

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Minnesota Foreclosed Lake Homes

admin — Thu, 16 Apr 2009 07:14:56 +0000

Minnesota Foreclosed Lake Homes

Over the last year foreclosures have been much more prevalent. New foreclosures are listed every day in Minnesota. You are wondering about their property values and the effect they have sitting vacant next to your house. Its no secret property value has decreased in the last year. Properties/Homes owned by banks typically have lost the most value. If the bank financed or bought a house on Red Sand Lake for $200,000 and now have foreclosed on it, they aren't good position. Even if that house was being lived in (rented) and in pristine condition. It's just not worth what it was before.

When the property becomes a foreclosure they are worth less money. No one's going to pay market value for them. The bank owned homes sell for less than homes sold by the traditional seller. Buyers won't buy them until the prices hit bottom.

All Brainerd Lakes real estate, in Crow Wing and Cass county are affected by the foreclosure market. Sometimes there are homes, one could be in a new development in Baxter and the other, identical in every way except it is a foreclosure. Sometimes what happens is the bank will lower the price for a quicker sale and does make an impact. A traditional home owner will have a harder time selling. The bank has to lower the cost of the house because buyers won't pay as much for a foreclosure.

A person looks for a home in Brainerd Lakes Area, they shop around, compare prices, it's all part of the process. One of the first thing you will notice during the search is the local crow wing county and cass county foreclosures. When people look for homes they go shopping ,comparing prices, select a real estate agent, its part of that process. If your anything like me once you see that home foreclosure listed on a website, like lakehome for the cheap price. It's hard to not expect that value on the other homes as well.

When an appraiser or a Realtor looks at the market value of a house in, say in East Gull Lake, they look for three comparable homes that are nearby in East Gull Lake and have sold in the last year. Usually, they don't use any bank owned houses or houses that were owned by the bank in the comparison. Simply because that will not give them an accurate market value. Private/Personal owned homes sell more than bank owned homes.

If you live at 555 Excelsior Dr in Baxter and 556 Excelsior Dr Baxter, MN and you have a foreclosure on each side of you, it doesn't necessarily mean your property value will drop. In the some Brainerd and Baxter areas hardest hit by the foreclosures the prices seem to have hit bottom and average sale prices are now higher than average list prices.

Foreclosed homes sitting empty have a slight impact on the value of the homes nearby, it a normal market the value of your home is a lot more sensitive to foreclosures, with the REO prevalence today almost everyone is living near a foreclosure. Buyers are interested in buying the bank owned homes but no one wants one as a neighbor.

Foreclosure Next Door - Original Article

My Real Estate Blog

http://blog.lakehome.com/?p=76

About the Author:

http://blog.lakehome.com

Source - Do You Live Near a Foreclosure? What to Expect Now

Buy this awesome Town Home in Forest Lake, next to zero down

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Philippines Foreclosed Property

admin — Fri, 13 Mar 2009 08:24:45 +0000

Philippines Foreclosed Property

Question: How do I save my property from being foreclosed?

My property is on the verge of foreclosure after my husband left it unpaid. The bank wanted me to pay the arrears but I can't afford it. I tried selling it but to no avail. Any other means? Is there any bank around that can take it out and give lighter repayment terms? I have read much about it abroad but can't find any here in the Philippines.

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Answer: Will tell you right now if the house is in the USA you can't do anything from the PHilippines. I have been there because of family many times. and know the situation all over the country..

You will need to come home to take care of this or give someone power of attorney ,, and I can tell you right now that nobody will bother with it if you not interested enough to come home and take care of it.. Plus they want you living in your house..

Now if your house is in the PI, The banks there would be happy to take your place for most any reason they can if it is worth more than you owe on it.

PROTEST! 10/19/08, Mortgage Bankers National Conference

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Foreclosed Tax Properties

admin — Sun, 18 Jan 2009 06:40:36 +0000

Foreclosed Tax Properties

Question: can wages be garnished for overdue property taxes of a foreclosed home?

I have a friend being harrassed by collectors. Home foreclosed over 1 yr ago in CA. No longer the owner. Collectors state her wages may be garnished if past property taxes are not paid. Is this possible? Don't banks inherit all outstanding debts associated with home? How to protect oneself?

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Answer: No. Real estate property tax is due from the property not the owner. The foreclosed mortgage contract may provide that the mortgage company can include unpaid property tax as part of any deficiency in the foreclosure. This creates a subtle difference between "unpaid property tax" and "part of the deficiency attributable to unpaid property tax."

Loan Modification, Short Sale, Foreclosure, Tax & Legal Ramification - Free Workshop: Don Jessup

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Banks Foreclosed Properties

admin — Sun, 11 Jan 2009 23:36:49 +0000

Banks Foreclosed Properties

Question: I have a contract on a bank owned foreclosed property. Will the seller allow us to rent it before closing?

If so, how do we request this option?

>

Answer: No, the bank is not allowed to operate rental properties, you will not be given keys before closing. Most sellers would not do this either.

Loan Modification: Why banks HATE foreclosures right now

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Buying Foreclosures

admin — Mon, 08 Dec 2008 00:17:31 +0000

Buying Foreclosures

Question: How do you find real estate foreclosures to buy without buying a list from some marketing firm?

Most of these marketing firms generates the same lead info at a high price? Isn't this info part of public information? Is it fairly easy to research and find with alittle effort?

>

Answer: you can go to your county records office,
my county publishes a daily newspaper, that lists all the foreclosures, addresses and $ amounts associated

as far as Foreclosure auctions, I have been to a couple and they are relativly informal. there is a list of properties that were to come to auction that day
many of those properties are taken off the block prior to auction (due to countless reasons including paper work not turned in, property owner working to get current etc...)
once a property is auctioned, there is a minimum price (in my area seems to be about 3-5% above default rate)
if a property is not sold at auction it becomes bank owned real estate.

notes on auction, you have to have the $ or cashiers checks that can be endorsed over I think they prefer the checks so they do not have to walk around with a bunch of $

bank owned realestate I think is offered by one agent that represents the bank, so a regular agent might not know much about bank owned properties.

hope this helps.

Buying Foreclosures I

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Foreclosed Properties In Georgia

admin — Wed, 19 Nov 2008 22:22:38 +0000

Foreclosed Properties In Georgia

Question: Do I still pay rent on a bank owned property?

I live in Georgia and the apartment complex I live in has foreclosed and is presently owned by the bank. Am I still required to pay rent?

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Answer: Yes, the same as before. The government requires the bank to have a property manager and continue renting until the complex is sold.

There is no force to leave in 90 days, that pertains to houses, not apartments. Your lease is in effect and this process should be transparent to you.

Tip of the Week - Bank-Owned Properties

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Bank Owned Foreclosed

admin — Thu, 06 Nov 2008 06:59:21 +0000

Bank Owned Foreclosed

Question: Where Can I Find Listings of Bank Owned and Foreclosed Homes?

I need information on free websites that have legit listings.
Also,on one website which isn't free,I have seen homes listed for $2,500 sale price and $500 down.Is this accurate?I'm looking for Spartanburg,S.C. listings.

>

Answer: Call a Realtor, find a good one, don't go in for these online "Lists" there is no official list, but every time there is a foreclosure the law states that notice must be posted on the premise. This notice will also state how much is owed on the mortgage. There is no substitute for actually being there. Learn what the notice looks like, look for abandoned, unkept looking houses. Don't be afraid to talk to the neighbors, they know more about it than anyone. many times when a Realtor lists these properties, they will keep it as a pocket listing for their investors to take a crack at it, sometimes there will be no sign. Work with a Realtor to look at the comps in the area, so when the deal comes, you will be able to make a quick decision.

Vista, CA bank-owned house

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Foreclosed Properties In Michigan

admin — Thu, 23 Oct 2008 04:18:25 +0000

Foreclosed Properties In Michigan

Question: Property line problems--help please?

We bought and moved into our property 3 years ago. Recently, one of the foreclosed homes in the area sold and the new owners had the 30 acre property surveyed. The surveyors cut an angle across our back yard claiming it belonged to the 30 acre parcel that was bought. Our property is a perfect rectangle in measurements, so we know that something is wrong. The area of our yard has been maintained not only from our 3 years of living here, but since the home was built in 1979. We disagree with the new owners survey and have requested they redo their survey and include checking the line on our property to ensure the property lines do not overlap from a prior survey mistake. If the properties overlap, who has the right to keep the property?
By the way, we live in Michigan.

>

Answer: A; you presumably have title insurance. Title insurance covers two
things; 1. that you own a prop at this address. 2. that your prop is as
the deed says it is. So far wide, deep, etc.

the fact that the new neighbor had a survey state one thing
that differs from yours does NOT automatically matter--nor is it
automatically correct.

I would without a doubt, hire a surveyor to examine WITH A FINE
TOOTH COMB, your property perimeter. Down to the inch.

If your survey finds that you are right and the neighbor is wrong
you would want to show him your results. If he ignores it, you
need to bring in the law. Range wars were created this way.

if his survey turns out to be accurate and yours wrong, you need
to sue if you were misled....[sue the seller]...or if it is not important, have your deed changed to state the "proper" land perimeters and
be done with it.

Courts decide who is in the right and who is not but they do not
decide HOW to act when one of you two is about to lose
some property.

YOURs has as much chance of being wrong as his does.

BE prepared.

thanks for asking

Bank Owned Properties Bay City Michigan

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Indiana Foreclosed

admin — Sat, 27 Sep 2008 07:10:51 +0000

Indiana Foreclosed

Question: Can a bank foreclose on a second Mortgage?

Am in Marion county, indiana, first mortgage is in good standing but have been to court for the second mortgage which I owe several thousand dollars on. They told me yesterday they are going to foreclose on the home but my primary mortgage company said they couldn't not sure what will happen, appreciate any help. Thank you
The primary mortgage company told me they are not taking the house, they have backed out of the proceedings so can the second mortgage still foreclose?

>

Answer: mbmare5, Here's a list of banks in Indiana that can help. http://www.banksintheusa.com/Indiana-Banks.html

Indiana Foreclosure Homes - IN

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Foreclosed Lake Homes Mn

admin — Mon, 08 Sep 2008 15:42:44 +0000

Foreclosed Lake Homes Mn

Foreclosure Next Door - Original Article

My Real Estate Blog

http://blog.lakehome.com/?p=76

About the Author:

http://blog.lakehome.com

Source - Do You Live Near a Foreclosure? What to Expect Now

Prior Lake, MN Foreclosure Home For Sale $249,900

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Bank Owned Foreclosed Properties

admin — Mon, 01 Sep 2008 03:12:04 +0000

Bank Owned Foreclosed Properties

Question: Foreclosed/Bank Owned Homes Question?

Someone please tell me what the catch is in buying bank owned/foreclosed/probate homes. I went to Trulia.com and ran a search:

http://www.trulia.com/for_sale/North_Hollywood,CA/price;a_sort/

It returned tons of property with a listing price of basically nothing. How come everyone doesn't buy these deals real quick?

Thanks

>

Answer: Foreclosures have a market price just like a regular home, of course cheaper. So the idea that foreclosed homes can be bought for pennies on the dollar is not the norm.
Foreclosed homes have a low price as they carry risk. Usually the buyer can not inspect the property and has to make a payment in full at the time of purchase.
a>

Bank Owned Foreclosure Property in Oxon Hill, MD

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Foreclosed Real Estate Philippines

admin — Thu, 05 Jun 2008 00:24:31 +0000

Foreclosed Real Estate Philippines

Recession is defined as the downhill movement of the economic growth of a country. Global economic recession is now being felt all over the world. There is turmoil not only in the business sector, but also in the daily lives of people. As an effect, inflation rate is high, thus, making prices of articles higher. More and more houses are being foreclosed which results to the sudden flunk of the real estate industry. And, companies are downsizing in manpower or worst, they permanently shut down their business.

The common misconception nowadays is that this is not the best time to invest on business. On the other hand, some just closes the department of the company that is not the main priority or has nothing to do with the main product or service they are offering. But, this shouldn't be the scenario. They shouldn't spare one department because even though it is not directly related they are offering, I'm sure that it is significant to the company. They can always think of another way, for instance, outsourcing the IT department.

There are tasks that can be done by others. You shouldn't think of it as added expenses because at the end, your company will benefit from this. As a matter of fact, when you do the math, you'll find out that it will cost you less if you outsource service especially when you acquire services from Asia. It will save your company some money without compromising the quality of work because remember that what they offer is their specialty.

Here are some reasons why now is the best time to outsource:

To cope up with technology

The innovation of technology is very fast and your company should be able to go along with the changes. It is not wise to spend on this especially that you should try to eliminate extra costs considering that after a couple of years, an updated version will come out.

To share risk

With the current state of the economy worldwide, it is wise to diversify to spread out the risk. When you outsource, the company will not just rely on one particular place. So, if there is a labor dispute in one company, then it will not paralyze the whole organization because the other companies can still go on with the operations. And, countries where they usually outsource like the Philippines are not that much affected with global financial crisis.

Peak loads are easier to accommodate

When the demand from the business is at its peak, it will not matter even if the duration of the project is very short especially when it will pass by a holiday. Different countries have different holidays, therefore, even if your branch of the business is not being utilized due to holiday, the other branch can still work for the tasks.

Because there is a global economic crisis, it is best that you focus on the core objectives of your company. Do not be suppressed by the fast paced technology or the slow change of the economy dure to recession.

About the Author:

Team Creatives is a Web Design Company that crafts elegant user experience. Creating website with impact, redesigning and producing interactive marketing campaigns, we extend your reach and get you ahead of competition.

Source - Recession: The Best Time to Outsource

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Foreclosed Properties In Maryland

admin — Thu, 17 Jan 2008 17:38:46 +0000

Foreclosed Properties In Maryland

Question: Can I find listings of REO or foreclosed properties in Maryland?

>

Answer: BOA has a website of their REO's. I haven't found many good properties this way though. As soon as a property becomes an REO, a bank will usually list with a broker. The holding costs and legal fees tacked on to what the bank is owed in mortgage and causes it not to be an attractive investment many times. You can negotiate with a bank, but they are generally very slow to make decisions. Hope this helps some.

$87,000 Profit: Maryland Investment Property- Part 1

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