|
Link to us |
|
|
|
||
| Email This Page to Friend | |||
Real Estate Foreclosures Questions and Answers |
|
|
Question: Foreclosure sales?
Are they too good to be true?Answer: I'm in the middle of buying a forclosed home...what a ...
I'm in the middle of buying a forclosed home...what a mess and a headache, but on the other hand I am buying it well under market value so I am willing to go threw the short term headaches this time...would I do it again? I would really have to think long and hard about it. The bank has all the time in the world at least this is how it feels to me been in this since September, 5 closing dates later and we are on again for Jan. 14th.Answer: Hi narce_con!
Foreclosure homes are very risky. It is an ...
Hi narce_con!
Foreclosure homes are very risky. It is an "as-is" sale and you waive a lot of your rights. It can be a good investment if you have an experienced real estate professional help you.Question: Can you avoid foreclosure?
We fell behind on some payments. However lately, we have found other sources of income and are sending our lender payment after payment in order to catch up after they recenly threatened us. We have not heard from them since we sent a letter telling them what our catch up plan is and we have been sending them a series of payment to try to catch up. Will this work? I have heard that lenders do not want to foreclose because it costs them too much $ in legal fees, is this true? And the way the housing market is right now, they could probably not sell it again for at least a year or 2, correct? if we keep sending payment, will we be ok?Answer: >> if we keep sending payment, will we be ok? ...
>> if we keep sending payment, will we be ok? <<
Nobody here can predict the future; but a reasonably safe supposition is that if you DON'T make any payments you'll be a lot worse off than if you do. It is true that the last thing lenders want to do these days is to foreclose; It's a guaranteed write down for them.Question: Save a house from foreclosure or try to sell?
Long story short: I'm mired in student loan debt and I'm 5 months behind on my mortgage. I'm trying to get my ducks in a row and I'm meeting with a credit counselor and all that jazz. My basic question is this: my house is definitely a fixer-upper and wouldn't be worth much. I live in southwest Ohio and everyone I know has had TONS of problems trying to sell their houses. No one is buying good houses that don't need work let alone places like mine. Should I just file bankruptcy and try to get out of the house (I know what this would do to my credit, trust me) or should I still try to sell? My family has outgrown the house and we're just miserable here, but I'm just not sure what to do.
And please remember the cardinal rule: If you can't say anything nice, please refrain from saying anything at all.
Any help, especially stories of experience, would be helpful.Answer: I wouldn't ordinarily give this answer but in your case, ...
I wouldn't ordinarily give this answer but in your case, since there is a high track record of houses not selling well in your area then I would have to say file bankruptcy. Although this should actually be the last result I think you know whats best for you and sometimes you have to fall down hard enough so that it hurts and get back up and start your life all over again so that you can get on the right track next time, good luck.Answer: See if the credit counselor has any bright ideas.
Could ...
See if the credit counselor has any bright ideas.
Could you tolerate having some renters perhaps? You might be able to either rent to someone else (and you live elsewhere) or even though you're clearly cramped, might find that renting A room would help keep you from foreclosure. Sometimes there are folks whose jobs eat up so much time they might be amenable to this kind of deal and wouldn't be that much trouble. Long-shot, but you're in a pickle, so I'm trying to think of anything. Possibly a pastor would know someone who would fit that description.
At times there are real estate investors who might be interested in buying, and possibly letting you rent, even doing some repairs while you're there. (If you ever watch TLC or HGTV I've seen Jim Davis programs on both. He's a real estate investor in I believe it's North Carolina who owns Trademark Properties. I've seen segments where he has done just what I said. I have no idea if any other group of investors with his kind of resources have decided to do some of this or not in your area.
When something this major happens to so many, there could be programs or such that someone has in the works or up and running that will address this issue.
Obviously if you have stuff you can sell, if you can get extra work, etc. these things might fix things for awhile at least. The market WILL come back--the question is will it do so soon enough for YOU.
Good luck.Answer: Save the house at all costs. You do not want a foreclosure ...
Save the house at all costs. You do not want a foreclosure on your credit report. A student loan default is much less complicated to work out.
I have an investment property in SW Ohio that recently appraised only a few thousand above what I paid for it 10 years ago. I understand your situation. If you can possibly find a way to keep the house and try to ride out this market, that's probably the best option. Good luck, and hope you get some solid advice from the credit counselor.Answer: I'm from Ohio, so I definitely know that selling is ...
I'm from Ohio, so I definitely know that selling is tough right now. A house is just a house, and if you're in over your head you should probably sell it and start over. As far as I know, you cannot file bankruptcy on student loans.
If you decide to sell, you can advertise the property onsite FREE, and there are a lot of other sites you can advertise as well. I know a lot of real estate agents too that might be able to help you sell it, and could help you negotiate selling it short sale. If you are that far behind on your mortgage, you're running out of time to sell honestly you need to make your decision quickly.
Here is where you can post the house, good luck to you, e-mail me with any questions:
http://www.brokershawna.com/Open-RealtyQuestion: My house is in foreclosure, with a sale date pending. How can I contest or postpone sale?
My house is in foreclosure, with a sale date pending. The lender (Countrywide) mistakenly cancelled my repayment plan. We are trying to clear the mess up, but in the meantime the sale date is looming. Is there any way to make them postpone the sale date? Is there something I can file with the court?Answer: I know what your going through ,I could write a book on this ...
I know what your going through ,I could write a book on this stuff, call the foreclosure dept. and they will extend the sale date if there is good reason ,and you should call them every day and call all the dept's you can to get an answer ,ask for a new repayment plan and they should work with ya if not you still have options, e-mail me I'll tell yaAnswer: You can contact a stop foreclosure service like FFPS @ ...
You can contact a stop foreclosure service like FFPS @ www.express-appraisals.net for more details.
Quick Note: the person that posted below me indicated that you would need an RE attorney to stop foreclosure - this is not entirely accurate.
Foreclosures can be stopped up to the date of sale - we have successfully stopped foreclosures up to 10 days prior to sale 100% of the time - but, less than 10 days, our percentage drops dramatically.
If you're serious about stopping foreclosure -go online to our site and register for the stop foreclosure program.Answer: Instead of contacting the lender (Countrywide) you need to ...
Instead of contacting the lender (Countrywide) you need to contact the attorney who is handling the foreclosure. At this point you will get no help from the lender because they consider it a done deal when they file the Notice of Default. Ask the attorney if he will allow an extension but note that he doesn't have to legally work out a solution with you. You can also ask if he would allow a short sale (highly unlikely but do ask) this could by you a little time to find another place to live. Otherwise, you will have to be out before or on the date of sale and can get in trouble for trespassing if you are still there. At this point its out of your hands and in the hands of the lender's attorney. Most lender do not want to foreclose but more and more are because the government got after them for their creative financing programs.
I bought a foreclosure from Countrywide as well.......Question: Will a Foreclosure be good or bad come Tax time ?
My property went thru foreclosure this month and with tax season coming up , I was just wondering the advantages/disadvantages of this happening ? I bought the property 10/06 , turned out not to be a good investment ? And after a property is foreclosed , how long do I have before I get the "boot" ?Answer: Any amount forgiven by the lender will be considered as ...
Any amount forgiven by the lender will be considered as income by the IRS. Prepare yourself for a huge tax bill. Recent legislation signed by President Bush would not tax you on a short sale occurring after January 1, 2008. Timing is everything.Answer: The tax law for mortgage foreclosure foregiveness starts ...
The tax law for mortgage foreclosure foregiveness starts 1/1/2007.Answer: If you received a Notice of Default from the lender it would ...
If you received a Notice of Default from the lender it would state what day the property is being sold on and you need to be out before or on that date. If you stay there and the new owner wants to move in, he can actually get you for trespassing unless you have an agreement either verbally or written. |
|
Bank Foreclosure
|
Garypedia.com website owner does not evaluate or guarantee the accuracy of any content available on Garypedia.com website. This website is compiled with the help of many bank foreclosures related newsgroups and questions people ask about bank foreclosures at various places. If you have some questions regarding bank foreclosures, you may or may not find them answered here. All the questions and answers about bank foreclosures are actually asked and replied by people and represents their own views about bank foreclosures and related products. Some of them may not be correct, so please use these bank foreclosures related answers with care. All information in this site is deemed reliable but not guaranteed. Garypedia.com web site owner shall not be responsible for any typographical errors, misinformation, and misprints and shall be held totally harmless individually.Garypedia.com is an independent provider of links to news articles. Garypedia.com contains links to sites on the internet which are owned and operated by the "External Sites". Garypedia.com is not responsible for the availability of any External Sites. Contact the site administrator or Webmaster for those External Sites if you have any concerns regarding such links or the links located on such External Sites. Garypedia.com is entirely committed to protecting the privacy of its mediapartners and their users. We use a browser feature known as a cookie. One way our cookies are useful is that they help to improve and personalize your experience by increasing a page's responsiveness and decreasing time between downloading as you browse or surf through the site. Additionally, a pixel tag is delivered with the newsfeeds themselves to organize information about online activity as a means to create anonymous profiles that reflect content preferences. No personally identifiable information is stored or collected. Any suggestions, please email us.
Copyright © 2008 Garypedia.com. All rights reserved. |