Foreclosures Help Information

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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?

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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

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Bank Foreclosure Rules

Question: Forecloser-Chapter 7?????

Martin mortgaged his farmlands with the State Bank of Florida for promissory notes amounting to $470,000. He defaulted on the payments, and the bank sought to foreclose the mortgage. The state court granted foreclosure. Just before the farmlands were about to be sold, Martin filed a bankruptcy petition under Chapter 7 of the Bankruptcy Code. Martin has a regular income of $60,000 from a full time job as a MRI technician. Is Chapter 7 the appropriate provision for Martin's case? What should the bankruptcy court do? Provide support for the court's ruling to proceed or dismiss the Chapter 7 filing.

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Answer: this sounds like a home work quesiton and since your grade might depend on my answer suggest you take the question to the home work section where the smart people are waiting to jume on a questions such as this!!

Foreclosure Short Sale, Mortgage & Real Estate Marketing, Bank Approved Sales Process

Tax Foreclosure Properties In California

Question: What are the consequences for a foreclosure in California?

I know I will have bad credit for 5-7 years, but what other penalties or issues can I face? My house value has gone so far down that I'd rather just save the mortgage and property tax money and just pay off my credit card debt and what not and start fresh.

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Answer: In California you have 120 days from the time the "Notice Of Default" is filed until the "Trustee Sale" takes place. You can legally live in the property that entire time and not pay any money. I'd suggest staying in the property and save as much of the house payment money so that you can rent a home at the end of the 120 days. Some foreclosing lenders will even offer a cash payment to the resident as an incentive to getting out without having to go through the eviction process after the foreclosure or even before. That eviction process can last 30-60 additional days after the Trustee Sale.

The owner of the property has 90 days after the Notice of Default is filed to make up (reinstate) all the back payments and legal/foreclosure fees. After that the lender can then demand the entire balance owned on the note to be paid in full in order to keep the property from being foreclosed on.

Point is, that the only real penalty that you face is the foreclosure itself and the resulting bad credit blemish. You will not owe a dime of taxes because of the Foreclosure Tax Relief Act of 2007 and the The Foreclosure Prevention Act of 2008 (S. 2636) .

If you have reasonably good credit, other than the foreclosure, very few property managers/landlords will hold that against you when you go looking for a new place to live. Fact is, I know that there is a good chance that these people will live in the property for a longer time than most because they won't be buying again for several years. I welcome these people as tenants. My average tenant stays in the property for at least 3 years.

Secret Foreclosures hidden in Tax Lien lists and tax sales