What's the difference between bank foreclosure and homeowner's association foreclosure?
Q. My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner's association foreclosure because of unpaid dues. They're filling a lien against her ... I don't understand the difference ... I thought only banks could foreclose.
Asked by In_trouble - Mon Feb 9 22:44:10 2009 - - 3 Answers - 1 Comments
A. Nope they both can since ownership is dependent on paying both your mortgage and association fees.
Answered by sassy25 - Mon Feb 9 22:49:31 2009
Q. My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner's association foreclosure because of unpaid dues. They're filling a lien against her ... I don't understand the difference ... I thought only banks could foreclose.
Asked by In_trouble - Mon Feb 9 22:44:10 2009 - - 3 Answers - 1 Comments
A. Nope they both can since ownership is dependent on paying both your mortgage and association fees.
Answered by sassy25 - Mon Feb 9 22:49:31 2009
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 does foreclosure affect my credit if a divorce follows?
Q. My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.
Asked by jen t - Fri May 30 18:10:51 2008 - - 4 Answers - 1 Comments
A. WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done !!! In short, you and your husband are equally liable for any and all debts and are entitled to half of any and all assets. (1) Call a Reputable Broker/Agent ask for a CMA or a Comparable Market Analysis. Most do this for FREE (hoping you list with them) (2) call your bank request a "30 day pay-off" and ask them to mail you a "hardship package" , (a knowledgeable agent can do this for you, but you can do it yourself). You really need to know these details and how much if any equity you have in the house before you can… [cont.]
Answered by Lori N - Fri May 30 19:02:22 2008
Q. My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.
Asked by jen t - Fri May 30 18:10:51 2008 - - 4 Answers - 1 Comments
A. WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done !!! In short, you and your husband are equally liable for any and all debts and are entitled to half of any and all assets. (1) Call a Reputable Broker/Agent ask for a CMA or a Comparable Market Analysis. Most do this for FREE (hoping you list with them) (2) call your bank request a "30 day pay-off" and ask them to mail you a "hardship package" , (a knowledgeable agent can do this for you, but you can do it yourself). You really need to know these details and how much if any equity you have in the house before you can… [cont.]
Answered by Lori N - Fri May 30 19:02:22 2008
How will a foreclosure work with a second mortgage?
Q. Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?
Asked by Missi B - Mon Dec 15 20:49:02 2008 - - 5 Answers - 0 Comments
A. That's rotten eggs ... you're saying you're in foreclosure for not paying your escrow (taxes and insurance)? Have you talked to the company to find out if they are willing to restructure everything?
Answered by J A - Mon Dec 15 20:58:29 2008
Q. Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?
Asked by Missi B - Mon Dec 15 20:49:02 2008 - - 5 Answers - 0 Comments
A. That's rotten eggs ... you're saying you're in foreclosure for not paying your escrow (taxes and insurance)? Have you talked to the company to find out if they are willing to restructure everything?
Answered by J A - Mon Dec 15 20:58:29 2008
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 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
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
How can you remove a foreclosure from your credit?
Q. Can a foreclosure be removed from your credit after a year? How long does this stay on your credit report?
Asked by Jos - Tue Feb 27 11:02:01 2007 - - 6 Answers - 0 Comments
A. It can't be removed. It generally stays on your report for seven years, although it can remain up to 10 years. Sorry I don't have better news.
Answered by theeconomicsguy - Tue Feb 27 11:05:51 2007
Q. Can a foreclosure be removed from your credit after a year? How long does this stay on your credit report?
Asked by Jos - Tue Feb 27 11:02:01 2007 - - 6 Answers - 0 Comments
A. It can't be removed. It generally stays on your report for seven years, although it can remain up to 10 years. Sorry I don't have better news.
Answered by theeconomicsguy - Tue Feb 27 11:05:51 2007
Indiana: What is the difference between defaulting and foreclosure on a mortage?
Q. Curious as to the difference between defaulting and foreclosure on a mortage? What are the different things that could happen if you keep one house and need to get rid of another wheather it be defautling or foreclosure? What are both possible outcomes?
Asked by Paul H - Mon Sep 3 11:00:34 2007 - - 3 Answers - 0 Comments
A. Defaulting is not making your mortgage payments; foreclosure is the process the lender takes to reclaim your home because you did not make your mortgage payments. If you have 2 homes and keep one, but lose the other because you did not keep making the mortgage payments on it and the lender foreclosed on it and took it back, the lender could place a lien on your existing home for whatever money they are owed but did not receive from the sale of the foreclosed home. (say you owe 400k on the home and it sells for 350k at the auction; you still owe the lender 50k) Generally, if you miss 3 payments you are sent a letter called a Notice of Default, which warns you that foreclosure proceedings will begin immediateley (a Notice will be recorded)… [cont.]
Answered by J k - Mon Sep 3 12:23:29 2007
Q. Curious as to the difference between defaulting and foreclosure on a mortage? What are the different things that could happen if you keep one house and need to get rid of another wheather it be defautling or foreclosure? What are both possible outcomes?
Asked by Paul H - Mon Sep 3 11:00:34 2007 - - 3 Answers - 0 Comments
A. Defaulting is not making your mortgage payments; foreclosure is the process the lender takes to reclaim your home because you did not make your mortgage payments. If you have 2 homes and keep one, but lose the other because you did not keep making the mortgage payments on it and the lender foreclosed on it and took it back, the lender could place a lien on your existing home for whatever money they are owed but did not receive from the sale of the foreclosed home. (say you owe 400k on the home and it sells for 350k at the auction; you still owe the lender 50k) Generally, if you miss 3 payments you are sent a letter called a Notice of Default, which warns you that foreclosure proceedings will begin immediateley (a Notice will be recorded)… [cont.]
Answered by J k - Mon Sep 3 12:23:29 2007
How do I learn about foreclosure auctions in my ares and the specification of what is being offered??
Q. As I understand it, there are plenty of homes going into foreclosure right now. I just don't know how to find out about them. I live in Jacksonville, FL. Thanks! Any advice is welcome.
Asked by pinky - Sun Sep 2 09:25:10 2007 - - 4 Answers - 2 Comments
A. Go down to your local courthouse and ask the clerk where the list of foreclosure auctions are posted. Next go to the list and write down all the numbers to the properties you are interested in. Take your list of numbers back to the court clerkand they will pull the files for you to look at. All the information is there for you. If you decide to try and trackthemdown online you will be disappointed as auction dates change and they may have not had time to update online.
Answered by hollywoodmelody - Sun Sep 2 10:11:00 2007
Q. As I understand it, there are plenty of homes going into foreclosure right now. I just don't know how to find out about them. I live in Jacksonville, FL. Thanks! Any advice is welcome.
Asked by pinky - Sun Sep 2 09:25:10 2007 - - 4 Answers - 2 Comments
A. Go down to your local courthouse and ask the clerk where the list of foreclosure auctions are posted. Next go to the list and write down all the numbers to the properties you are interested in. Take your list of numbers back to the court clerkand they will pull the files for you to look at. All the information is there for you. If you decide to try and trackthemdown online you will be disappointed as auction dates change and they may have not had time to update online.
Answered by hollywoodmelody - Sun Sep 2 10:11:00 2007
How can a person repair their life after foreclosure?
Q. Good friends of mine went into foreclosure do to the housing market in Central Valley California. They were not able to get their home refinanced because the home had loss value, due to this they were forced to go into foreclosure. Can they ever get back on track after going through this?
Asked by jazzyt - Tue Oct 16 11:07:23 2007 - - 4 Answers - 0 Comments
A. Sure they can. It will take time and credit smarts. No running up huge credit card bills. Move out of California. Before you know it, it's going to fall into the ocean. I see houses being demolished everyday on the news. I don't think it is smart to sink any money into anything in California.
Answered by . - Tue Oct 16 11:12:18 2007
Q. Good friends of mine went into foreclosure do to the housing market in Central Valley California. They were not able to get their home refinanced because the home had loss value, due to this they were forced to go into foreclosure. Can they ever get back on track after going through this?
Asked by jazzyt - Tue Oct 16 11:07:23 2007 - - 4 Answers - 0 Comments
A. Sure they can. It will take time and credit smarts. No running up huge credit card bills. Move out of California. Before you know it, it's going to fall into the ocean. I see houses being demolished everyday on the news. I don't think it is smart to sink any money into anything in California.
Answered by . - Tue Oct 16 11:12:18 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 - - 8 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 - - 8 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 do I search for foreclosure homes without having to pay?
Q. I am trying to google foreclosure homes in my area of Evansville, IN and every site that I come to wants me to become a member and pay to view the information. I know there has to be an easier way to search for these properties. Any ideas?
Asked by stimpy6298 - Mon Jan 7 20:40:10 2008 - - 5 Answers - 0 Comments
A. try realator.com Foreclosures are in the MLS.
Answered by Landlord - Mon Jan 7 20:48:02 2008
Q. I am trying to google foreclosure homes in my area of Evansville, IN and every site that I come to wants me to become a member and pay to view the information. I know there has to be an easier way to search for these properties. Any ideas?
Asked by stimpy6298 - Mon Jan 7 20:40:10 2008 - - 5 Answers - 0 Comments
A. try realator.com Foreclosures are in the MLS.
Answered by Landlord - Mon Jan 7 20:48:02 2008
How long does a typicaly foreclosure take?
Q. My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?
Asked by Joshhhhh! - Mon Jun 11 16:43:58 2007 - - 3 Answers - 0 Comments
A. 3 months. ~
Answered by Heinz M - Mon Jun 11 16:52:54 2007
Q. My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?
Asked by Joshhhhh! - Mon Jun 11 16:43:58 2007 - - 3 Answers - 0 Comments
A. 3 months. ~
Answered by Heinz M - Mon Jun 11 16:52:54 2007
What options are available to avoid foreclosure?
Q. I have a relative that can no longer pay for a high mortgage payment, what options are available to avoid foreclosure? The house has been on the market for nine months but no buyers.
Asked by Badbone - Sat Jul 14 02:13:06 2007 - - 7 Answers - 1 Comments
A. Don't stop making the payments yet. Have a lender review the loan and the equity and see if there is something they can do in the mean time to lower the payments. Second, see if they could rent out the house to cover the payments for now. Third, offer more commission to the selling agent. Like 5% to the selling agent. This will motivate the agents to show this house. Last step, contact the lender and see what they can do. Remember though, if the bank loses money you could be tax for the difference as income. This should be your last resort. I hope this helps you. Feel free to email me with more questions. CA Lender
Answered by lenderjayne - Sat Jul 14 02:22:24 2007
Q. I have a relative that can no longer pay for a high mortgage payment, what options are available to avoid foreclosure? The house has been on the market for nine months but no buyers.
Asked by Badbone - Sat Jul 14 02:13:06 2007 - - 7 Answers - 1 Comments
A. Don't stop making the payments yet. Have a lender review the loan and the equity and see if there is something they can do in the mean time to lower the payments. Second, see if they could rent out the house to cover the payments for now. Third, offer more commission to the selling agent. Like 5% to the selling agent. This will motivate the agents to show this house. Last step, contact the lender and see what they can do. Remember though, if the bank loses money you could be tax for the difference as income. This should be your last resort. I hope this helps you. Feel free to email me with more questions. CA Lender
Answered by lenderjayne - Sat Jul 14 02:22:24 2007
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
Where can I get information about foreclosure and short sell homes?
Q. My credit score is between 650 and 670. I am planning to buy a house with my husband and his credit score is above 800. Are foreclosure homes better deal?
Asked by Nalini C - Thu Jul 17 16:36:53 2008 - - 3 Answers - 0 Comments
A. There are many places to find foreclosure properties, but I would start by going to your bank and finding out how much they will allow you to spend and if they will lend money to you on a foreclosure property. When you are buying foreclosure properties, you'll need to have the money available very quickly. In some cases, you'll need to write a check for the home the same day. You'll need to have all the details worked out with your lender ahead of time, so this is possible. If you don't intend to buy a home at the sheriff's sale, then you'll be looking for Pre-Foreclosures or REO Properties. These are properties that the bank has already bought back from the sheriff's sale (REO) or properties that have not gone to sale yet, but are in… [cont.]
Answered by foreclosurefish_com - Fri Jul 18 10:21:11 2008
Q. My credit score is between 650 and 670. I am planning to buy a house with my husband and his credit score is above 800. Are foreclosure homes better deal?
Asked by Nalini C - Thu Jul 17 16:36:53 2008 - - 3 Answers - 0 Comments
A. There are many places to find foreclosure properties, but I would start by going to your bank and finding out how much they will allow you to spend and if they will lend money to you on a foreclosure property. When you are buying foreclosure properties, you'll need to have the money available very quickly. In some cases, you'll need to write a check for the home the same day. You'll need to have all the details worked out with your lender ahead of time, so this is possible. If you don't intend to buy a home at the sheriff's sale, then you'll be looking for Pre-Foreclosures or REO Properties. These are properties that the bank has already bought back from the sheriff's sale (REO) or properties that have not gone to sale yet, but are in… [cont.]
Answered by foreclosurefish_com - Fri Jul 18 10:21:11 2008
I am looking to buy a foreclosure. Where can I get a good report on the property?
Q. I have been checking out some of the foreclosure websites to find a property. However, they give me limited information on the actual property. Where can I get a more detailed report?
Asked by Wulverene - Tue Jul 8 09:11:17 2008 - - 8 Answers - 0 Comments
A. You aren't going to find much, as the bank doe not report anything. If you want something solid you need to pay to have the property inspected.
Answered by TheMom - Tue Jul 8 09:32:29 2008
Q. I have been checking out some of the foreclosure websites to find a property. However, they give me limited information on the actual property. Where can I get a more detailed report?
Asked by Wulverene - Tue Jul 8 09:11:17 2008 - - 8 Answers - 0 Comments
A. You aren't going to find much, as the bank doe not report anything. If you want something solid you need to pay to have the property inspected.
Answered by TheMom - Tue Jul 8 09:32:29 2008
What happens to a second mortgage when a home is purchased at a foreclosure auction?
Q. I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
Asked by buad0118 - Mon Aug 14 21:57:47 2006 - - 4 Answers - 0 Comments
A. When a senior lien forecloses, a junior lien is wiped out. So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you'll still owe the first. Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment.
Answered by Searchlight Crusade - Mon Aug 14 22:56:13 2006
Q. I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
Asked by buad0118 - Mon Aug 14 21:57:47 2006 - - 4 Answers - 0 Comments
A. When a senior lien forecloses, a junior lien is wiped out. So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you'll still owe the first. Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment.
Answered by Searchlight Crusade - Mon Aug 14 22:56:13 2006
What is the easiest way to find Foreclosure homes in your area?
Q. So we are in the market for a new home and need to be pointed in the right direction What is the easiest way to find foreclosure homes around your area?
Asked by Steve M - Fri Feb 15 21:39:55 2008 - - 4 Answers - 0 Comments
A. for those much wanted tax foreclosures(cheap)- you can try google searching tax auctions in (insert) your county and state. they are usually provided by the county financial department or sometimes a private auctioneer is listed. For bank foreclosures- watch your local mls listings- almost all bank foreclosures are listed here including all HUD properties, maybe hook up with a real estate agent to keep a eye out for you. like the other person said HUD, VA and USDA properties are availble to- they have a website -go through and find your state. Although theres tons of places out there trying to charge you for their services of collecting those foreclosures- most are listed on the MLS- public information. Theres also a few auction… [cont.]
Answered by mary h - Fri Feb 15 22:04:01 2008
Q. So we are in the market for a new home and need to be pointed in the right direction What is the easiest way to find foreclosure homes around your area?
Asked by Steve M - Fri Feb 15 21:39:55 2008 - - 4 Answers - 0 Comments
A. for those much wanted tax foreclosures(cheap)- you can try google searching tax auctions in (insert) your county and state. they are usually provided by the county financial department or sometimes a private auctioneer is listed. For bank foreclosures- watch your local mls listings- almost all bank foreclosures are listed here including all HUD properties, maybe hook up with a real estate agent to keep a eye out for you. like the other person said HUD, VA and USDA properties are availble to- they have a website -go through and find your state. Although theres tons of places out there trying to charge you for their services of collecting those foreclosures- most are listed on the MLS- public information. Theres also a few auction… [cont.]
Answered by mary h - Fri Feb 15 22:04:01 2008
From Yahoo Answer Search: 'foreclosure'
Wed Jan 6 20:38:53 2010 [ refresh local cache ]
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Atlanta Journal Constitution
Georgia's foreclosure laws also play a significant role in driving up the rate. The state's foreclosure process occurs without court or government ...
Bankruptcies hit 4-year high Honolulu Star-Bulletin
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Real Estate Image Gallery iStockphoto com Amy Smith Many people are losing homes to foreclosure
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Sun, 03 Jan 2010 13:51:16 GM
is the nations leading . foreclosure. prevention expert. If you are a homeowner in default we can help you stop . foreclosure. .
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