Foreclosures Help Information

Posts Tagged ‘realestate’

Buy Foreclosures Florida

Question: how do I find out information about an abandoned house in Pasco County, Florida?

We want to buy a house that has been abandoned but can’t find out who owns it. We have found the original owner’s info online but there is no contact info, or which bank owns it if it has gone into foreclosure. We are wondering if the bank that owns it has gone out of business, what would happen to the house then? Can’t find Yahoo Answers in America!
the property taxes haven’t been paid for the past year and a half

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Answer: The tax assessor will know who owns it. You are on your own to contact them, they have no obligation to tell you how to reach them. You can obtain bank information, but unless the bank owns it they can't legally tell you anything either.

It does not sound like this is abandoned, only vacant. Abandoned property ends up belonging to the state, which sells it.

How To Buy Foreclosures In Fort Lauderdale | South Florida

Foreclosed Va Loans

Question: Forclosure Re-capture Assets?

I live in the state if Va and purchased a townhome to live in. After living there for 1.5 years I rented it out b/c I got married and moved into my wife’s townhome. I also refinanced her home into both of our names. We are approx. $40k upside down in each property (ouch!)
My first purchase was an interest only ARM that is soon going to expire. Therefore, to refinance it, I’s have to put 20% down b/c it would need to be an investor loan. What implications would there be if I foreclosed on my first home, which is currently being rented out. Most importantly, would the bank be able to come after any money I have saved up? Thanks for your help

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Answer: There are two types of foreclosure methods that a state can have. It can be judicial or nonjudicial. Nonjudicial means that they can advertise it for the statutory period and sell it on the courthouse steps. Virginia is a nonjudicial foreclosure state. Your only problem is if the mortgage company sells it for less than what they are owed, they can come after you for a deficiency judgment for the difference. Also, if you have a second mortgage they could come after you for the full amount of that note if the house sells for less than what you owed on the first and the second. The mortgage company would have to sue to get the deficiency judgment. In most states if you have a judgment you can garnish wages and bank accounts. I don't know the specifics of how much they can go after in Virginia at a time. I would suggest you set down with a local real estate attorney and ask them what happens in your state. Are banks even going after deficiency judgments. Laws may have changed even in the last six months that could benefit you more than yahoo chatter.

Foreclosure does really hit your credit. Unless things change you will not be able to get another mortgage for 4 to 5 years at a decent rate.

Tim Cook

www.timcooklaw.com

Home Loan Horror Story Mortgage Meltdown Foreclosed Home

Bank Foreclosures

Question: help with understanding bank owned foreclosures?

If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks.
Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what’s to say that the bank won’t sell me the house with a low-ball price?

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Answer: If the mortgage balance was $100,000, it's possible there's another $10,000 in attorney fees, and an additional $10,000 in accrued interest. I don't know the redemption period in Texas, but in many states, you can squat in your house for a year before getting kicked out, all the while interest is accruing.

So it's never quite that simple. And beware of any additional liens, foreclosures sometimes have them.

And yes, in most cases, after the bank has gotten every single penny of their own money back, they have to give the rest to the prior owner. So they might very well not care how much that is, but they do work within a framework of attempting to get the maximum value for their homes, based on their estimates of what the homes true value is.

And they also have to weigh their risks of having another 2 months go by before they get another qualified offer, while their carrying costs and attorney review fees etc... keep rising. So they're always looking to take the first fair and reasonable qualified offer that they can get.

Bank Forelcosure Property - Foreclosure Boys

Find Foreclosures Online

Question: What is the best way to find foreclosure properties in my state (MD now, but also considering DE)?

Can I search online, and if so, is it free? The house would be a residence for me, I am not an investor at this time. I would not want to resell the house for a few years.

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Answer: I have found that the best place to get a free list is http://www.yourforeclosuresoftware.com/7dayfreetrial/
because they have a 7 day free trial, I just cancelled before the 7 days and they never charged me, hope this helps!

Find Foreclosures Online

Buying Foreclosure At Auction

Question: Is it worth buying foreclosure properties at the courthouse auctions ?

I’m considering going to the local courthouse and bidding for foreclosed properties but I am nervous of hidden costs, etc.

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Answer: In my opinion, it's the best way to buy a house. There are no hidden costs. You first need to do your homework. Find out the appraised value of the house, what the last owners paid for it, etc. Then decide what the top dollar is that you're willing to pay for it. Before the auction starts, someone will go over the rules of the auction and so on. Pay attention. Most of the ones I've bought required 10% down if you are the winning bidder and the remainder to be paid within 30 days. Once you write the check, they hand you the keys and that's it. No closing, no closing costs, no deed check, and so on. Then a judge will review the terms of the sale, and sign off on it. It doesn't matter at that point if there were 30 liens on it prior to the sale, the house is now yours free and clear.

Buying Foreclosures for Beginners