ForeClosure?
Q. me and my husband got a leter saying foreclosure and we dont know what it is are we going to lose our home??
Asked by hii - Fri Jun 27 18:32:43 2008 - - 6 Answers - 0 Comments
A. You have to tell more about the letter.
Answered by Mark C - Fri Jun 27 18:38:39 2008
Q. me and my husband got a leter saying foreclosure and we dont know what it is are we going to lose our home??
Asked by hii - Fri Jun 27 18:32:43 2008 - - 6 Answers - 0 Comments
A. You have to tell more about the letter.
Answered by Mark C - Fri Jun 27 18:38:39 2008
home foreclosure HELP where do we go and how do we start refinancing?
Q. Wasn't the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
Asked by catchi - Mon Nov 10 14:55:03 2008 - - 6 Answers - 2 Comments
A. The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation. 1. You have to show that you can not afford the payments. 2. Your mortgage-to-income ratio must be below 31% of your gross income. 3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won't qualify. 4. Any second mortgage must be paid off before the FHA will refinance. 5. You must have a down payment of at least 3.2% of the new loan. 6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs. 7. If you sell in the next 5 years, you have to split… [cont.]
Answered by foreclosurefish_com - Thu Nov 13 10:26:17 2008
Q. Wasn't the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
Asked by catchi - Mon Nov 10 14:55:03 2008 - - 6 Answers - 2 Comments
A. The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation. 1. You have to show that you can not afford the payments. 2. Your mortgage-to-income ratio must be below 31% of your gross income. 3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won't qualify. 4. Any second mortgage must be paid off before the FHA will refinance. 5. You must have a down payment of at least 3.2% of the new loan. 6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs. 7. If you sell in the next 5 years, you have to split… [cont.]
Answered by foreclosurefish_com - Thu Nov 13 10:26:17 2008
How long after foreclosure before you receive a 1099?
Q. My house was foreclosed on in October 2009 in Maryland. At the foreclosure sell at the court house there were no bids on the house. I received papers from the court ratifying foreclosure in December 2009. The lender listed the property with a real-estate agent in October and sold the house. The new owners closed on the property January 19, 2010. How long after the foreclosure before I receive a 1099?
Asked by J M - Mon Apr 12 11:09:07 2010 - - 3 Answers - 0 Comments
A. You won't get it until next year, for your 2010 income tax return.
Answered by Landlord - Mon Apr 12 11:16:39 2010
Q. My house was foreclosed on in October 2009 in Maryland. At the foreclosure sell at the court house there were no bids on the house. I received papers from the court ratifying foreclosure in December 2009. The lender listed the property with a real-estate agent in October and sold the house. The new owners closed on the property January 19, 2010. How long after the foreclosure before I receive a 1099?
Asked by J M - Mon Apr 12 11:09:07 2010 - - 3 Answers - 0 Comments
A. You won't get it until next year, for your 2010 income tax return.
Answered by Landlord - Mon Apr 12 11:16:39 2010
What happens to other leins when foreclosure occurs?
Q. My house in California is currently in foreclosure. I have a 1st and a 2nd mortgage as well as a 3rd, seller note. What happens at the foreclosure auction? What happens if there isn't enough funds to pay off the leins? What if any steps should I take?
Asked by Wondering - Thu Apr 3 18:30:16 2008 - - 5 Answers - 2 Comments
A. when the first note forecloses on the property all other liens/notes that came after which are called junior compared to the first note called the senior, are wipe out depending on the second note, if it was recourse they can come after you, also the third can come after you as well
Answered by goz1111 - Thu Apr 3 18:41:08 2008
Q. My house in California is currently in foreclosure. I have a 1st and a 2nd mortgage as well as a 3rd, seller note. What happens at the foreclosure auction? What happens if there isn't enough funds to pay off the leins? What if any steps should I take?
Asked by Wondering - Thu Apr 3 18:30:16 2008 - - 5 Answers - 2 Comments
A. when the first note forecloses on the property all other liens/notes that came after which are called junior compared to the first note called the senior, are wipe out depending on the second note, if it was recourse they can come after you, also the third can come after you as well
Answered by goz1111 - Thu Apr 3 18:41:08 2008
How does a home foreclosure process work?
Q. If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?
Asked by Icecream - Mon Feb 16 22:06:53 2009 - - 3 Answers - 0 Comments
A. At this point it doesnt--As of Monday afternoon most lenders have suspended Foreclosures and Short-Sales---The rest will follow Tuesday. That is to give the President time to hammer out details of The Foreclosure Rescue Act. Its all over the news
Answered by Mr. Fix-It - Mon Feb 16 22:21:13 2009
Q. If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?
Asked by Icecream - Mon Feb 16 22:06:53 2009 - - 3 Answers - 0 Comments
A. At this point it doesnt--As of Monday afternoon most lenders have suspended Foreclosures and Short-Sales---The rest will follow Tuesday. That is to give the President time to hammer out details of The Foreclosure Rescue Act. Its all over the news
Answered by Mr. Fix-It - Mon Feb 16 22:21:13 2009
How does this work if one bank starts a foreclosure then sells to another bank before foreclosure is complete?
Q. I have a mortgage with one bank and could not pay so the bank started foreclosure proceedings. The foreclosure is not completed yet so does the new bank have to start all over and file all over again?
Asked by kelly2sxy - Thu Apr 30 17:20:55 2009 - - 3 Answers - 0 Comments
A. This is what is called a service transfer and this happens all the time. Depending on the servicer, Home Loan Servicing, Select Portfolio Servicing, Wells Fargo and Countrywide. Those are some of the big ones. Depending on how far the Foreclosure is in the process they will pick up where the prior servicer left off. In other cases they may have the file closed and billed, so the new servicer can do a full audit and try to do some loss mitigation workout's with the borrower to try and get them performing again, and get the person paying their mortgage again. If that fails then they will refer the file out to an attorney for foreclosure. Again it all depends on where the loan is at in the foreclosure and what the file looks like upon… [cont.]
Answered by bandyemmie - Sat May 2 18:43:48 2009
Q. I have a mortgage with one bank and could not pay so the bank started foreclosure proceedings. The foreclosure is not completed yet so does the new bank have to start all over and file all over again?
Asked by kelly2sxy - Thu Apr 30 17:20:55 2009 - - 3 Answers - 0 Comments
A. This is what is called a service transfer and this happens all the time. Depending on the servicer, Home Loan Servicing, Select Portfolio Servicing, Wells Fargo and Countrywide. Those are some of the big ones. Depending on how far the Foreclosure is in the process they will pick up where the prior servicer left off. In other cases they may have the file closed and billed, so the new servicer can do a full audit and try to do some loss mitigation workout's with the borrower to try and get them performing again, and get the person paying their mortgage again. If that fails then they will refer the file out to an attorney for foreclosure. Again it all depends on where the loan is at in the foreclosure and what the file looks like upon… [cont.]
Answered by bandyemmie - Sat May 2 18:43:48 2009
How long after a foreclosure can I buy another home?
Q. I was foreclosed on in Oct. 2006. I also filled bankruptcy beginning of 09. I have since then been able to get back on my feet and my money figured out. I would really like to own a house again and I am trying to figure out how the process works after a foreclosure. Thanks.
Asked by Johanna Behr - Wed Jun 16 14:13:51 2010 - - 8 Answers - 0 Comments
Q. I was foreclosed on in Oct. 2006. I also filled bankruptcy beginning of 09. I have since then been able to get back on my feet and my money figured out. I would really like to own a house again and I am trying to figure out how the process works after a foreclosure. Thanks.
Asked by Johanna Behr - Wed Jun 16 14:13:51 2010 - - 8 Answers - 0 Comments
What does foreclosure mean for my taxes?
Q. A property that I am a co-signer on is going into foreclosure. In a question I asked previously regarding this matter, someone pointed out that I will be sent a 1099-c form. What exactly does this mean? If the house is sold at auction will I owe taxes on the amount the house sells for or the amount that was owed or, if the house does not sell for enough, will I owe taxes on the amount not paid? If we can sell the house before the foreclosure is complete, how does that impact the situation? I'm so confused. And please, no posts about your tax or loan company. I will report it as abuse.
Asked by blavelin - Sat Jun 9 09:35:17 2007 - - 3 Answers - 0 Comments
A. I know most of the answer. If the property is a personal residence and sells for more than the mortgage amount, but less than a gain of $250k for a single filer ($500k for a married filer), then there are no tax implications- assuming certain rules under the IRC are met. If the personal property sells for less than the outstanding mortgage amount plus interest, costs, and fees, then it depends on what the lender does. If the lender gets a deficiency judgement and goes after the borrower for the rest, then again, there should be no tax implications- yet. If the lender writes off the deficiency, this write off is taxable income to someone. If the primary borrower does not pay it, then it is possible that the IRS could come after you (this… [cont.]
Answered by Homer J. Simpson - Sat Jun 9 09:56:55 2007
Q. A property that I am a co-signer on is going into foreclosure. In a question I asked previously regarding this matter, someone pointed out that I will be sent a 1099-c form. What exactly does this mean? If the house is sold at auction will I owe taxes on the amount the house sells for or the amount that was owed or, if the house does not sell for enough, will I owe taxes on the amount not paid? If we can sell the house before the foreclosure is complete, how does that impact the situation? I'm so confused. And please, no posts about your tax or loan company. I will report it as abuse.
Asked by blavelin - Sat Jun 9 09:35:17 2007 - - 3 Answers - 0 Comments
A. I know most of the answer. If the property is a personal residence and sells for more than the mortgage amount, but less than a gain of $250k for a single filer ($500k for a married filer), then there are no tax implications- assuming certain rules under the IRC are met. If the personal property sells for less than the outstanding mortgage amount plus interest, costs, and fees, then it depends on what the lender does. If the lender gets a deficiency judgement and goes after the borrower for the rest, then again, there should be no tax implications- yet. If the lender writes off the deficiency, this write off is taxable income to someone. If the primary borrower does not pay it, then it is possible that the IRS could come after you (this… [cont.]
Answered by Homer J. Simpson - Sat Jun 9 09:56:55 2007
Can a foreclosure affect my ability to attain security related employment down the road?
Q. Im in the midst of a possible foreclosure, wondering if this type of mark on my credit report could affect my ability to attain high level security employment? Ive heard some of the better positions require credit checks; could a foreclosure be considered unethical and degrading to ones character when being considered as a candidate for a position as a security director or similar corporate position?
Asked by Brad B - Sat Jan 30 13:43:03 2010 - - 2 Answers - 0 Comments
A. hey don't go into foreclosure I found a link for you try that out first
Answered by u - Wed Feb 3 12:44:38 2010
Q. Im in the midst of a possible foreclosure, wondering if this type of mark on my credit report could affect my ability to attain high level security employment? Ive heard some of the better positions require credit checks; could a foreclosure be considered unethical and degrading to ones character when being considered as a candidate for a position as a security director or similar corporate position?
Asked by Brad B - Sat Jan 30 13:43:03 2010 - - 2 Answers - 0 Comments
A. hey don't go into foreclosure I found a link for you try that out first
Answered by u - Wed Feb 3 12:44:38 2010
How can I get a foreclosure proceeding statement removed from my credit report?
Q. My house was sold during foreclosure proceedings (not sure if it was a Short Sale) and my mortgage company discharged what I owed. One of my credit reports list this mortgage account as open and past due. The account history shows foreclosure proceeding started. Does anyone know how to get this account shown as closed with out the foreclosure proceedings?
Asked by TOSHAY2 - Tue Jun 15 08:51:53 2010 - - 4 Answers - 0 Comments
Q. My house was sold during foreclosure proceedings (not sure if it was a Short Sale) and my mortgage company discharged what I owed. One of my credit reports list this mortgage account as open and past due. The account history shows foreclosure proceeding started. Does anyone know how to get this account shown as closed with out the foreclosure proceedings?
Asked by TOSHAY2 - Tue Jun 15 08:51:53 2010 - - 4 Answers - 0 Comments
How do I purchase a foreclosure home that is owned by the bank?
Q. I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?
Asked by SAM - Tue Apr 10 16:49:37 2007 - - 3 Answers - 2 Comments
A. Your best bet is to contact the bank that owns the property directly. They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city. Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan. Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask! Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to… [cont.]
Answered by KConsults - Tue Apr 10 16:59:06 2007
Q. I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?
Asked by SAM - Tue Apr 10 16:49:37 2007 - - 3 Answers - 2 Comments
A. Your best bet is to contact the bank that owns the property directly. They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city. Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan. Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask! Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to… [cont.]
Answered by KConsults - Tue Apr 10 16:59:06 2007
How can I buy a foreclosure with nothing down?
Q. I want to invest in a foreclosure. I have the income to support the payments, but don't want to put anything down.
Asked by jrdude69 - Thu Oct 15 17:29:40 2009 - - 5 Answers - 0 Comments
A. You can't. The smallest downpayment is 3.5% with an FHA loan. With an FHA it can be a gift from a family or friend as long as you can show where it came from.
Answered by Beth - Thu Oct 15 17:51:44 2009
Q. I want to invest in a foreclosure. I have the income to support the payments, but don't want to put anything down.
Asked by jrdude69 - Thu Oct 15 17:29:40 2009 - - 5 Answers - 0 Comments
A. You can't. The smallest downpayment is 3.5% with an FHA loan. With an FHA it can be a gift from a family or friend as long as you can show where it came from.
Answered by Beth - Thu Oct 15 17:51:44 2009
How do you become a foreclosure consultant?
Q. I heard this was a pretty interesting business and soemthing I may enjoy doing. For those who don't know what a foreclosure consultant is. Basically, if someone is evicted from their home for missing home equity/loan payments, then then the bank usually hires a contractor or a consultant to give the home a price tag. Does anyone know how to become one of these guys and what required training is needed? JJ Sotiera: You must've mistaken me for some kind of moron. You didn't even answer my question. I don't know of any system or anything, especially one worth hundreds of thousands. I was simply asking what companies (for example) I would talk to about becoming one and what education is required.
Asked by thesatsui - Mon Apr 30 16:45:47 2007 - - 4 Answers - 0 Comments
A. Real Estate fundamentals and Real Estate practice classes, take the state and federal Real Estate exam, Pass both, get hired by a local Real Estate Broker, call mortgage companies and banks- should take about a year. Good luck
Answered by Jim M - Mon Apr 30 18:44:33 2007
Q. I heard this was a pretty interesting business and soemthing I may enjoy doing. For those who don't know what a foreclosure consultant is. Basically, if someone is evicted from their home for missing home equity/loan payments, then then the bank usually hires a contractor or a consultant to give the home a price tag. Does anyone know how to become one of these guys and what required training is needed? JJ Sotiera: You must've mistaken me for some kind of moron. You didn't even answer my question. I don't know of any system or anything, especially one worth hundreds of thousands. I was simply asking what companies (for example) I would talk to about becoming one and what education is required.
Asked by thesatsui - Mon Apr 30 16:45:47 2007 - - 4 Answers - 0 Comments
A. Real Estate fundamentals and Real Estate practice classes, take the state and federal Real Estate exam, Pass both, get hired by a local Real Estate Broker, call mortgage companies and banks- should take about a year. Good luck
Answered by Jim M - Mon Apr 30 18:44:33 2007
What should a person expect when purchasing a foreclosure home?
Q. How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
Asked by babiiprycess - Mon May 21 21:34:00 2007 - - 2 Answers - 1 Comments
A. Buying a foreclosure from a lender is generally the same as buying a conventional purchase, except that they are nearly always sold 'as is' by the lenders. A thorough inspection is recommended, either professionally or by trusted friends who know what they are doing. You are expected to either pay cash or finance this purchase as you would any other home purchase. If you are contemplating buying directly at the sheriff's sale of the property, be aware that the lender will have a representative present to insure that any final bid exceeds the amount owed to the lender on the home by the defaulting seller.
Answered by acermill - Mon May 21 21:39:05 2007
Q. How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
Asked by babiiprycess - Mon May 21 21:34:00 2007 - - 2 Answers - 1 Comments
A. Buying a foreclosure from a lender is generally the same as buying a conventional purchase, except that they are nearly always sold 'as is' by the lenders. A thorough inspection is recommended, either professionally or by trusted friends who know what they are doing. You are expected to either pay cash or finance this purchase as you would any other home purchase. If you are contemplating buying directly at the sheriff's sale of the property, be aware that the lender will have a representative present to insure that any final bid exceeds the amount owed to the lender on the home by the defaulting seller.
Answered by acermill - Mon May 21 21:39:05 2007
What happens to renters when home goes into foreclosure?
Q. Our landlord has not told us the home we rent is in foreclosure. I found out through notices addressed to him in the mail and through a website listing our home in foreclosure. As it is we pay rent a month in advance and have decided to pay on time instead so that we do not lose a whole months rent if asked to leave. Sorry to say we do not trust our renter because he has not been honest with us. When this home sells, how long will we have to find a new place? Also, shouldn't the bank be getting our rent money...especially if rent is more than his mortgage? I am really just concerned about what this means for us and options available? Anyone ever been in this situation?
Asked by jd - Wed Aug 29 12:52:26 2007 - - 7 Answers - 0 Comments
A. Nothing at first. You have 30 days to vacate the property. if the sheriff shows with less than 30 days notice you demand to go to court and be heard by a judge. Illegal evictions are not ok but they pay ohhh so much money when you sue. Oh and call the local news too so they can film you getting dragged out... spin is everything. If you have been given notice that you are being evicted you can review your options with an attorney but foreclosure usually trumps a lease. I would absolutely hire an attorney and begin legal proccedings against your landlord for breach of contract and fraud. Additionally you will probably want to place a lien on the property for the amount of your security deposit because if you don't you'll have to… [cont.]
Answered by Chris - Wed Aug 29 13:55:50 2007
Q. Our landlord has not told us the home we rent is in foreclosure. I found out through notices addressed to him in the mail and through a website listing our home in foreclosure. As it is we pay rent a month in advance and have decided to pay on time instead so that we do not lose a whole months rent if asked to leave. Sorry to say we do not trust our renter because he has not been honest with us. When this home sells, how long will we have to find a new place? Also, shouldn't the bank be getting our rent money...especially if rent is more than his mortgage? I am really just concerned about what this means for us and options available? Anyone ever been in this situation?
Asked by jd - Wed Aug 29 12:52:26 2007 - - 7 Answers - 0 Comments
A. Nothing at first. You have 30 days to vacate the property. if the sheriff shows with less than 30 days notice you demand to go to court and be heard by a judge. Illegal evictions are not ok but they pay ohhh so much money when you sue. Oh and call the local news too so they can film you getting dragged out... spin is everything. If you have been given notice that you are being evicted you can review your options with an attorney but foreclosure usually trumps a lease. I would absolutely hire an attorney and begin legal proccedings against your landlord for breach of contract and fraud. Additionally you will probably want to place a lien on the property for the amount of your security deposit because if you don't you'll have to… [cont.]
Answered by Chris - Wed Aug 29 13:55:50 2007
How do I get the foreclosure record of the house I rent and live in?
Q. How do I get the foreclosure record of the house I rent and live in, and is there a cost?
Asked by Jason L - Tue Dec 2 18:56:06 2008 - - 7 Answers - 0 Comments
A. I can't imagine what this will do for you, but the tax assessor can tell you if the house was ever foreclosed on, any title company can look that up too.
Answered by Landlord - Tue Dec 2 19:14:02 2008
Q. How do I get the foreclosure record of the house I rent and live in, and is there a cost?
Asked by Jason L - Tue Dec 2 18:56:06 2008 - - 7 Answers - 0 Comments
A. I can't imagine what this will do for you, but the tax assessor can tell you if the house was ever foreclosed on, any title company can look that up too.
Answered by Landlord - Tue Dec 2 19:14:02 2008
How can I find out about my home that supposedly went into foreclosure?
Q. I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.
Asked by ruatoni - Mon Jun 19 11:01:54 2006 - - 1 Answers - 0 Comments
A. This is E-A-S-Y!!! You'll love it, it's so easy! In the US, any "change of title" and any "attachments/leins" placed on a title are held on record at your local county/parish courthouse. This is public information and free to access. You simply need to go to the Office of Records and Deeds at your county and look up the specific property by address. I have found that county officials are very helpful in looking up information about specific properties. Show up with the specific address of the property and explain the situation and what you are looking for. Remember that when you are talking to the county staff, they aren't really interested in your complaints (at least, mostly). They have a job to do and that is to maintain those… [cont.]
Answered by Paul McDonald - Mon Jun 19 11:10:29 2006
Q. I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.
Asked by ruatoni - Mon Jun 19 11:01:54 2006 - - 1 Answers - 0 Comments
A. This is E-A-S-Y!!! You'll love it, it's so easy! In the US, any "change of title" and any "attachments/leins" placed on a title are held on record at your local county/parish courthouse. This is public information and free to access. You simply need to go to the Office of Records and Deeds at your county and look up the specific property by address. I have found that county officials are very helpful in looking up information about specific properties. Show up with the specific address of the property and explain the situation and what you are looking for. Remember that when you are talking to the county staff, they aren't really interested in your complaints (at least, mostly). They have a job to do and that is to maintain those… [cont.]
Answered by Paul McDonald - Mon Jun 19 11:10:29 2006
What circumstances would qualify a home foreclosure over a Short sale?
Q. What would qualify a home foreclosure to be better than a quick sale? I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose?
Asked by ChrisM - Mon Oct 26 15:24:30 2009 - - 4 Answers - 0 Comments
A. In terms of your credit history, a short sale is better than a foreclosure. If you really cannot afford to make the payments, and the bank specifically told you - you would need to pay the difference, then maybe you should look into President Obama's loan modification program. You may be eligible for lowered mortgage payments (check in the sources section for more information on this). Foreclosure is detrimental to your credit score, so if you want to buy another house in a few years, you may be facing very high interest rates. This option along with bankruptcy, should really be avoided at all costs. If your house isn't appraising well, check out the government stimulus programs aimed at helping the housing market first. Then make… [cont.]
Answered by Quicken Loans - Wed Oct 28 16:51:00 2009
Q. What would qualify a home foreclosure to be better than a quick sale? I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose?
Asked by ChrisM - Mon Oct 26 15:24:30 2009 - - 4 Answers - 0 Comments
A. In terms of your credit history, a short sale is better than a foreclosure. If you really cannot afford to make the payments, and the bank specifically told you - you would need to pay the difference, then maybe you should look into President Obama's loan modification program. You may be eligible for lowered mortgage payments (check in the sources section for more information on this). Foreclosure is detrimental to your credit score, so if you want to buy another house in a few years, you may be facing very high interest rates. This option along with bankruptcy, should really be avoided at all costs. If your house isn't appraising well, check out the government stimulus programs aimed at helping the housing market first. Then make… [cont.]
Answered by Quicken Loans - Wed Oct 28 16:51:00 2009
How many months without payment before Foreclosure ? then how many months after foreclosure until evicted?
Q. I live in a house where it might be facing foreclosure. I live with my uncle and his brother handle the finances. His brother is a liar and all the sudden says we are 4 months behind in payment and its going to be in foreclosure soon and after that it will be 30 days until evicted. Is that true?
Asked by Aintitthetruth - Mon Jun 2 23:02:43 2008 - - 7 Answers - 0 Comments
A. Each lender has it own foreclosure policy. Some lenders will foreclose immediatly after mising one single payment, while others will allow anywhere from 6-12 months before starting the foreclosure procedure. They will send letters after letters seeking to find a way of bringing your mortgage current. Some will even call and see if there are ways for you to re-instate your mortgage. The government loans might take awhile for the foreclosure procedure to take place also. These are your Va and FHA loans underwritten by the federal government. You also have some states that underwrite loans. In a non-judicial state when ever the lender decide to start foreclosure procedures they will finally write a letter informing the borrower of this… [cont.]
Answered by loanmasterone - Tue Jun 3 00:08:27 2008
Q. I live in a house where it might be facing foreclosure. I live with my uncle and his brother handle the finances. His brother is a liar and all the sudden says we are 4 months behind in payment and its going to be in foreclosure soon and after that it will be 30 days until evicted. Is that true?
Asked by Aintitthetruth - Mon Jun 2 23:02:43 2008 - - 7 Answers - 0 Comments
A. Each lender has it own foreclosure policy. Some lenders will foreclose immediatly after mising one single payment, while others will allow anywhere from 6-12 months before starting the foreclosure procedure. They will send letters after letters seeking to find a way of bringing your mortgage current. Some will even call and see if there are ways for you to re-instate your mortgage. The government loans might take awhile for the foreclosure procedure to take place also. These are your Va and FHA loans underwritten by the federal government. You also have some states that underwrite loans. In a non-judicial state when ever the lender decide to start foreclosure procedures they will finally write a letter informing the borrower of this… [cont.]
Answered by loanmasterone - Tue Jun 3 00:08:27 2008
What is the advantage and disadvantage of buying a foreclosure home?
Q. I live in Dallas, TX. Will you recommend buying a foreclosure home? What is the advantage and disadvantage of buying a foreclosure home? Please help. I ll pick the best answer later.
Asked by Digital Man - Wed Oct 17 20:20:31 2007 - - 2 Answers - 0 Comments
A. It depends where and who you buy the Foreclosure property from. Always close at a title company and write your good faith deposit check out to the tile company as well. You really donot know if you are getting a deal or not until you run a title search and get title insurance. A home may look like it has equity unitl you find a 50,000 tax lien attached to the property. So their are good deals if you know how to find them.
Answered by Tom - Wed Oct 17 21:06:35 2007
Q. I live in Dallas, TX. Will you recommend buying a foreclosure home? What is the advantage and disadvantage of buying a foreclosure home? Please help. I ll pick the best answer later.
Asked by Digital Man - Wed Oct 17 20:20:31 2007 - - 2 Answers - 0 Comments
A. It depends where and who you buy the Foreclosure property from. Always close at a title company and write your good faith deposit check out to the tile company as well. You really donot know if you are getting a deal or not until you run a title search and get title insurance. A home may look like it has equity unitl you find a 50,000 tax lien attached to the property. So their are good deals if you know how to find them.
Answered by Tom - Wed Oct 17 21:06:35 2007
From Yahoo Answer Search: 'foreclosure'
Thu Jul 29 12:35:06 2010 [ refresh local cache ]
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sgvtribune.com
Thu, 29 Jul 2010 02:08:53 GMT+00:00
warnings on the rise San Gabriel Valley Tribune Households across a majority of large US cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, ...
gordonlusby.getablog.net
oqeeee
ue, 27 Jul 2010 13:47:40 GM
No one wants to be faced with a . foreclosure. notice, yet even people who are working multiple jobs can often fall short on their monthly payments when faced with unexpected medical bills or other emergencies. That has happened to you, ...
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