Foreclosures Help Information

Posts Tagged ‘properties,’

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."

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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?

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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

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?

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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