Foreclosures Help Information

Posts Tagged ‘reference’

How To Find Foreclosure Houses

Question: how can I find a free record of properties if the house is a foreclosure?

We just put a bid in a house that is a foreclosure, but we are very curious to know why is a foreclosure, is a 6yr old house, very beautiful in south irving,Tx and I been surffing the net looking for any information I can gather. Any suggestions?

>

Answer: The beauty of the house is not a factor. In fact, that's probably *why" the house is in foreclosure...because the buyer fell in love with it, couldn't afford it, didn't pay the mortgage and went into default.

There is no risk here that the owner was an axe-murderer and the government seized the house. It's also not possible that there is some hidden problem with the house.

Remember, it got foreclosed on, it wasn't sold or rented out. No one intentionally lets there house get foreclosed on if they have the money to pay the mortgage, but don't like something about the house itself. That only screws them for several years to come.

It's completely safe when a house is in foreclosure to assume that the mortgage wasn't being paid, as it the case right now with millions of Americans.

I suggest if you love the house, have a stable and secure income (unlike the previous resident), and can afford it, BUY IT and enjoy!

Real Estate Tips : How to Find Foreclosed Homes

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Foreclosure Help From Government

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

>

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!

>

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)