Foreclosures Help Information

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Foreclosure Help From Government

Question: Has the government helped families with “interest only loans” who may lose their home to foreclosure?

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Answer: No, you seem to be confusing families in foreclosure with the banks who took advantage of these people.

The government, through the Federal Reserve, is helping the banks by giving them below-market interest rates loans. Just last week, another $200 billion was made available to banks. They can trade in bad mortgage debt in return for Treasury securities.

That effectively means that the banks have absolutely no reason to work with homeowners in foreclosure. They know they can just hide the foreclosures later on and get free money from the government. So there's no reason to spend any of that free money on helping homeowners save their homes from foreclosure.

There has been a lot of talk about helping the homeowners, but nothing substantial has been done. The HOPE NOW and Project Lifeline programs involve about 6 lenders in the country total, and they are voluntary for the banks to participate in. Also, they do not offer any solutions that banks could not offer in the first place, making them completely public relations schemes.

So, the banks have all the low and no interest rate loans they can handle, which came care of the Federal Reserve. It's also not being discussed that easy credit and low interest rates created the housing bubble in the first place. So the Fed is just doing whatever they can to create another bubble somewhere to bail out this current bubble's crash.

Don't look at what the politicians in Washington are talking about. Look at what they do. They talk about helping families in foreclosure (even proposing funds of $30 billion), while freely giving out hundreds of billions of dollars directly to the banks. Maybe $30 billion for 300 million Americans; over $200 billion and counting for a handful of the largest banks. Who benefits from this?

Hope that helps.
ForeclosureFish

Foreclosure Help : About Government Programs to Stop Foreclosure

Buy Foreclosures In California

Question: Can I afford to buy a foreclosed or short sale home in the San Diego area?

I currently live in the Midwest, and my family is planning to relocate to the San Diego area within the next 2 years. Coming from the Midwest, where things are a lot less expensive, it is difficult for me to get used to the idea of paying California prices for a home! My husband and I both work in health care; he’s an x-ray tech, and I’m a nurse, so we are employable and not too broke, but not wealthy, either.

Anyway, my question is, if we have only about $200,000 to spend on a home, and we don’t need a lot (other than a reasonably safe neighborhood), would we be able to buy a foreclosure or short sale home? How would we locate these types of properties for sale?

Before anyone suggests living in an apartment, I need to point out that we have dogs and cats, so we need a yard we can fence. Also, we have 2 kids, so a family area would be nice.

Thanks!

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Answer: To be perfectly honest with you...I would not buy a home there until I lived there at least a year. How do you know you're going to actually like it? Hate to tell ya...but I was SOOO excited to move to Colorado. But after 6 months, I hated it. Can I tell you how happy I was I didn't buy a house like I originally planned?

What seems like a great deal up front...could be a nightmare in the long run if you want to get out. LOTS of vacant houses right now for rent in San Diego. Just look it up on the internet.

We buy foreclosures in California (Short Sale Negotiator)

Buying Foreclosure In California

Question: Is Buying A House On Foreclosure a Good Idea??

I read that you can buy a home in foreclosure in California for as low as $10,000. But are there strings attached??
Thanks for all your great answers! Especially Mandelyn & Bcauble1. This site is great.

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Answer: Well of course there's strings. Those depend on the state laws and the bank holding the deed.

Forclosure is when someone messed up paying on their house and the bank then possessed it. The selling price is typically the remainder of the balance owed.

When the bank has these properties, they're to pay the taxes, and maintain cutting the grass and things like that. A hassle, so they sell them as quick as they can.

A lot of people do this as a buisness. They buy these houses, and flip them. Because of these people, who work closely with the banks, it is difficult to get the good houses.

Don't mess with a webpage, deal directly with the bank holding the deed. Too many people are trying to make money with this stuff by telling other people about it. So don't become a member of an online "insider" site or anything like that.

These houses are sold "as is" with no inspection. You cannot look inside, only outside.

You have to remember that someone just lost their house. So yes, the bank may be selling it for $10k, but all the windows could be broken, all the appliances gone, tore up floors, or the place could be completely filled with trash.

A friend of mine got one for $21k, and it took 4 giant dumpsters just to empty the house of trash.

When looking at a property, you need to do your research. Be prepared to spend some loot, maybe even triple what you paid, on gutting the house and refurbishing it just to make it habitable.

These are not cute little clean houses that are selling dirt cheap. These are usually houses in distress.

With an entire team of workers, these houses can be done and ready in 2-4 months. But if you don't have a team or a contractor's team on hand... you'll be in for a hassle and high expense.

It's a risk... because you may spend more than you planned, and you won't profit much. That will depend greatly on the location and the market value.

It's not unheard of to get a house for $10-$20k, drop $40k into it, then resell in a matter of months for $150k.

Just have to be smart about it.

Real Estate Investing Tip: Buying Foreclosures

Property Tax Foreclosure Listings

In these economic times there is still a way to make money with real estate.  You can learn how to make money with tax foreclosure properties.  Tax foreclosure properties are properties that are being foreclosed due to tax liens.  Those who are delinquent on taxes will have their taxes sold and eventually their property is sold to pay the bill.  These tax foreclosure properties are more prevalent than ever and are available in every state in the country so you can choose the exact location you want.

Tax foreclosure properties are a great investment.  The properties can often be purchased for as little as just 3% to 10% of market value making them an investment lovers dream.  Anyone can learn how to purchase tax foreclosure properties.  The process is not difficult to learn and understand.  Once you learn how to buy tax foreclosure properties you’ll be able to start making money right away.

The process of learning about tax foreclosure properties is an easy one.  You can learn quite a bit online before you get started.  You’ll need to understand some of the basic concepts and terms used in tax lien sales.  The best way to start is by getting property tax sale listings.  These can be easily purchased online to give you a large amount of properties to choose from.  You will find out how much the property is selling for and how long the taxes have been in arrears.

The government performs tax sales.  These tax sales are done to collect taxes that haven’t been paid by the property owners.  Property owners have a certain amount of time to redeem their property by paying the back taxes in full including any interest charges that have been applied.  Once the redemption period is over the property will be sold to pay the taxes.  Typically the property is sold for the amount of the back taxes owed.  Taxes are usually paid in semi-annual installments in many states.

Getting a property tax sale listing is the first step in the process of buying a property. You can locate and purchase updated tax lien listings online.  The important thing about lists is that they be current since they are in a constant state of flux.  While you do pay for these lists you will find that they are well worth the price you pay if you find a property to purchase.  You can purchase tax lien lists for whichever state you are interested in or you can get them for multiple states.

Once you have a tax lien listing you can determine which properties you may be interested in pursuing.  You can proceed from there.  The process is not difficult but you will need to understand the procedures that need to be followed in each particular county or state.  To become more familiar with the process you may want to get a detailed guide or take an online class that will walk you through the entire procedure.

About the Author:

Do you need complete government listings for sales of liens, Tax lien auction, government tax liens, government tax sale properties and make profit from tax sales? Log on to http://www.taxsalelists.com and get all the useful information.

Source – Make Money With Tax Foreclosure Properties

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Foreclosure Help Denver

Question: New-built subdivisions with lots of foreclosures?

In Denver we have this large NE part of the city, largely around Green Valley Ranch, that is all newer housing. The area around the houses
is also new… infrastructure, businesses, etc. This is also the only area where I can afford a decent looking home. In my price range of 125K, I can buy in this area, or I can buy a dump in a more established neighborhood, which I won’t even consider. Yuck!
What are the dangers of buying a house in a newer built subdivisions
at drastically lower prices than I could find any where else in the metro? How bad of a decision could it possibly be to buy one of these houses, I mean assuming it is in good shape, and not stripped, etc?
It all looks good from the outside when I drive

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Answer: If you don't mind being out there by your little lonesome... then the only thing I would check out first is whether this development was built in a flood plain and is it worth the commute to your job and your old grocery store? (just in case the infrastructure goes bankrupt too).

Here in CA we have this problem a lot. They ran out of room and somehow got the OK to build subdivision after subdivision in the flood plains.

Don't ever think that it will never happen. It does rain in California.
And when your house sits in a designated flood zone... you are just waiting to be washed away one day.

www.StopForeclosureDenver.com - Denver Foreclosure Help - Dont Move