Question: Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?

I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice

>

Answer: Not absolutely certain about a "2nd" mortgage in Florida, but in most states, the line of credit will just be closed. And if you have a balance, the lender can come after you personally for repayment.

This sounds like an important question to you. I would suggest getting an answer from a Florida real estate attorney.

Good luck.

Foreclosure Prevention Helpline June 2008

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Question: I have heard that some banks are willing to buy you out of your home if you buy their foreclosure. Any truth?

I have heard that some banks for willing to buy you out of your home if you will buy one of their foreclosure's. Does anyone know if there is truth to this?

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Answer: No truth whatsoever. Lenders do not want to own real estate. Lending money is their business. They're not going to dump one property to only take on another.

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Question: How can I find free foreclosure listings?

I need to find some foreclosure listings in Lincoln City, Oregon without having to put any type of credit card number online.

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Answer: Try the government ones here:

REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):

http://www.resales.usda.gov/

Real Estate for Sale by US Government Site #1

http://www.firstgov.gov/shopping/realestate/realestate.shtml

Site #2 http://www.homesales.gov/homesales/mainAction.do
IRS: Real & Personal Property Sales: http://www.ustreas.gov/auctions/irs/
Acquiring a VA guaranteed home foreclosed by states: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm?proptype=VA
Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=90-$%5Bno%5D&op1=AND&SECT1=TXTHLB&SECT5=MLET&p=1&r=39&f=G
Homes and properties being sold by the different departments in US Government:

http://www.hud.gov/homes/homesforsale.cfm

USDA Properties for sale all states

http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm

Good luck on your research

Foreclosure Help 97203 OR | Foreclosures 97203 Oregon

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Question: real eastate advice needed. active short sale is it a good thing or bad? ?

looking at buying my first home. not being familiar with the process or terminology i am not sure of the things to avoid. 5 years ago when i moved to this town the average home price was 250 two years later it rocketed to 450 now all of a sudden its back to 250 i do not want to wind up in the same boat as thousands of others are in. losing a home to foreclosure. the house i am interested in is an active short sale. i am not sure what that means. is it better or worse than a bank owned property? almost all the houses i look at are bank owned or active short sale. is either one a good opportunity for a first time buyer? and most important what types of loan do i avoid so that i don't lose my home in a few years? i want to know what my payments will be with no changes to them. ever. is there such a loan? is that a fixed loan? also what is equity? thanks so much

>

Answer: You need a help from a realtor or broker.Ask how much mortgage present interest rate and compute it if you can afford the monthly payments.Ask if they will pay for the closing cost and see if you can ask them to upgrade some part of the house.Fixed is that you are paying interest and the principal.I am sure that Banks want to get back their invested money from the house and they do not want to own them.You can either go for 30 or 40 years to pay so your monthly payment will go down and you do want to pay the house right away?
Hope this help.Good luck and start hunting houses.

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Bank foreclosures for sale mean properties requiring a new owner.  These properties are liabilities to the Banks, since the capital invested on them is blocked, because of the default in repayment.  The only way Banks could get back their capital is selling them off, as quickly as possible.

Talking of Bank foreclosures for sale, it is the predominant headache the US country is facing presently and is causing a crisis of devastating proportion to their economy.  Financial markets are struggling with the burden of this problem of high magnitude, as never-before in their history.  The US Government is under constant pressure to rectify the situation, by bailing out sinking Banks and financial institutions on the one hand, and mitigating the grievances of millions of home owners, faced with foreclosure of their equities on the other.

Bank foreclosures for sale are mounting in huge numbers month after month.  As a direct consequence of heavy Bank foreclosures for sale properties, in prime locations such as – California; Florida; Arizona; Nevada; Illinois; Texas; Michigan; Ohio; New Jersey; Georgia; North and South Carolina and New York – housing prices plummeted to lowest levels.  Properties in these States, which were unaffordable to many Americans, have become suddenly affordable with their bottom-level prices.

Although Bank foreclosures for sale reflect the misfortune of millions of home owners, undeniably they have opened up new vistas and avenues to first time home buyers and investors. People, who were only dreaming about embarking in home buying activity from the above locations, can now do so from Bank foreclosures for sale.

All they have to do is plan well their home buying strategy. They must first weigh their financial resources with reference to their household income, the amount they can spare in the monthly budget, towards repayment of mortgage loan installments and savings made so far towards meeting the initial payment upfront.  It is a fact that many Bank foreclosure for sale properties are quoted for prices well below the fair market value and can be comfortably met by the amounts of monthly rent people are presently paying.

After assessing their resources, the next step is to get their credit history standing qualified, for buying a housing property from Bank foreclosures for sale.  Qualified home buyers with sound financial backgrounds are welcomed by Banks on first priority, for disposing of Bank repossessed properties.  There are three types of properties listed in Bank foreclosures for sale. First is delinquent properties in the pre-foreclosure stage; second is properties fixed for foreclosure sale public auction on certain dates; and finally Bank-owned and repossessed properties lying as “non-performing assets” in their books.

It should be understood that all these types of Bank foreclosures for sale are properties having a selling pressure. The Banks are carrying the burden of incurring additional expenditure by maintaining these properties; safe-guarding the deserted properties from vandals; and keeping the Bank-owned properties in a marketable and ready-to-occupy condition.

Home buyers and investors can make best use of this precarious position of the Bank foreclosure for sale properties. Tactful negotiation, if needed with the help of buying Real Estate agent in the locality, can get them good and solid properties at never imaginable prices from Bank foreclosure for sale.

About the Author:

To learn more about making money with bank foreclosures for sale make sure to visit our site at ForeclosureRepos.com, the best place to search bank foreclosures by state!

Article Source: ArticlesBase.com - Bank Foreclosures for Sale are Worth Buying Profitably

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Bank foreclosures for sale mean properties requiring a new owner.  These properties are liabilities to the Banks, since the capital invested on them is blocked, because of the default in repayment.  The only way Banks could get back their capital is selling them off, as quickly as possible.

Talking of Bank foreclosures for sale, it is the predominant headache the US country is facing presently and is causing a crisis of devastating proportion to their economy.  Financial markets are struggling with the burden of this problem of high magnitude, as never-before in their history.  The US Government is under constant pressure to rectify the situation, by bailing out sinking Banks and financial institutions on the one hand, and mitigating the grievances of millions of home owners, faced with foreclosure of their equities on the other.

Bank foreclosures for sale are mounting in huge numbers month after month.  As a direct consequence of heavy Bank foreclosures for sale properties, in prime locations such as – California; Florida; Arizona; Nevada; Illinois; Texas; Michigan; Ohio; New Jersey; Georgia; North and South Carolina and New York – housing prices plummeted to lowest levels.  Properties in these States, which were unaffordable to many Americans, have become suddenly affordable with their bottom-level prices.

Although Bank foreclosures for sale reflect the misfortune of millions of home owners, undeniably they have opened up new vistas and avenues to first time home buyers and investors. People, who were only dreaming about embarking in home buying activity from the above locations, can now do so from Bank foreclosures for sale.

All they have to do is plan well their home buying strategy. They must first weigh their financial resources with reference to their household income, the amount they can spare in the monthly budget, towards repayment of mortgage loan installments and savings made so far towards meeting the initial payment upfront.  It is a fact that many Bank foreclosure for sale properties are quoted for prices well below the fair market value and can be comfortably met by the amounts of monthly rent people are presently paying.

After assessing their resources, the next step is to get their credit history standing qualified, for buying a housing property from Bank foreclosures for sale.  Qualified home buyers with sound financial backgrounds are welcomed by Banks on first priority, for disposing of Bank repossessed properties.  There are three types of properties listed in Bank foreclosures for sale. First is delinquent properties in the pre-foreclosure stage; second is properties fixed for foreclosure sale public auction on certain dates; and finally Bank-owned and repossessed properties lying as “non-performing assets” in their books.

It should be understood that all these types of Bank foreclosures for sale are properties having a selling pressure. The Banks are carrying the burden of incurring additional expenditure by maintaining these properties; safe-guarding the deserted properties from vandals; and keeping the Bank-owned properties in a marketable and ready-to-occupy condition.

Home buyers and investors can make best use of this precarious position of the Bank foreclosure for sale properties. Tactful negotiation, if needed with the help of buying Real Estate agent in the locality, can get them good and solid properties at never imaginable prices from Bank foreclosure for sale.

About the Author:

To learn more about making money with bank foreclosures for sale make sure to visit our site at ForeclosureRepos.com, the best place to search bank foreclosures by state!

Source - Bank Foreclosures for Sale are Worth Buying Profitably

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Question: can anyone turn the housing market around?

Industry experts say there have been more than 900,000 foreclosures since 2007. We'd all agree things are pretty bad right now

Nearly 2 million mortgages are delinquent by 60 days or more, putting them at risk of foreclosure.

The Government says it will wait to take any action until after the new president is seated in Jan 2009. that's at least five months from now...

So I ask if only 900,000 foreclosures have damaged the market this bad what's going to happen when we see 2 million home owners go belly up? Can this even be stopped at this point?

>

Answer: Yes it can be stopped if banks are willing to renegotiate the value of the house to reflect current market value. Put a moratorium on foreclosures. Put a cap on mortgage rates from 6.5 % to 5.5%.

Banks want Government bailout with taxpayers money but they are still too greedy to make any concessions to people who are in financial distressed.

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Question: How can I find out the status of a foreclosure in Seattle WA?

How can I find out the status of a foreclosure? I'm in Seattle, WA, and the building my condo is in is being foreclosed on, and I am wanting to know how to find out when the foreclosure was filed etc. Also does the association have no obligation to inform residents of the pending foreclosure?

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Answer: excuse me but your query does not make sense. OR do you mean,
the specific condo is located among others where you live?

visit the sheriff's office. Most all foreclosures are usually handled by them
but sometimes, the lender directly contracts with RE auction firms.

YOU might be able to get a copy of the current filings of legal
docs at the county office for that address.

re obligation of the assn to inform anyone about any foreclosure.
THE answer is no. An assn is a voted on group of current
owners. A condo is the definition of a space owned by
a private owner. While the ASSN can lien a condo for
unpaid assessments and sue a unit owner, that is all they
have the rights to do. Thus, they have no obligation to
inform anyone of anything OUT SIDE of their responsibilities.

IT would be like someone asking if you could be obligated to
tell a new visitor to your city if any specific house was for sale.

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