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Real Estate Foreclosures Questions and Answers |
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Question: Looking into taking over payments on a house almost in foreclosure???
So me and my fiance are looking into this. It looks like this company asks you to pay $200 for a listing of houses. All the houses they have are almost in foreclosure, and what you do is take over payments for about 6 months, in the other person's name, and after 6 months you can re-finance and put it into your name.
Is this a scam? If it is, how?
I guess you just find the house, and make the first payment. They said there is no credit check because you aren't asking for a loan. You are just taking over payments.
I asked what about when you go to re-finance will they run a credit check and is there any chance they can decline you and after those 6 months of living there is there any way you can loose the house? They said no, and your credit doesn't matter because the payments you make for those 6 months pretty much show how you make your payments on time and everything.
They also said the title and deed gets put in your name right away.
Can anyone help me with this???
Thx!!Answer: This is doable, but must be approached with care. The ...
This is doable, but must be approached with care. The transaction constitutes a sale of the property, and as such, must be appropriately documented. (Which means, among other things, getting and recording a deed.) Also, you must negotiate with the lender, as mortgages generally have a due-on-sale clause, permitting the lender to pull the loan if the property is sold. You will need to establish to the lender's satisfaction that you are capable of paying for the property. And this may mean writing a new mortgage, rather than taking over the old one.Answer: What they're doing is technically illegal as most loans ...
What they're doing is technically illegal as most loans have a clause in them that says they can't be assumed. If the lender finds out what you're doing they could call the loan all due and payable.
In todays lending climate I don't think you'll get away with only 6 months on time payment and no credit check.
It might work but what if it doesn't? You could be charged with fraud and have made payments that were much highter than rent and end up with nothing. Be careful and before you do anything getfree report on foreclosures at http://profitinforeclosures.com It will answer more of your questions.Answer: Please look at this company again. A house almost in ...
Please look at this company again. A house almost in foreclosure doesn't make sense and for $200 you get a list that you can get for free? Also, did you stop to think that the company could have gotten the deed from these people by tricking them into thinking they would have their mortgage paid for and be free and clear? How do they know you can even afford taking over payments without a credit check or a pre-qualification or pre=approved letter from lender? Plus they told you after the 6 months of payments it shows that you make payments on time,you can't lose the house and your credit doesn't matter? How do you think the market got the way it is?
By 'CREATIVE FINANCING" which is what this company is trying to get away with and they should be reported immediatiely. This is not only a scram but you could get caught up in this mess, which is fraud, and end up spending the rest of your life in jail.
Is this really worth the intial $200 payment they are asking for?
I don't think so...............RED FLAGS everywhere.....Question: In Foreclosure, Need Some Advice.?
It was a really bad year for our family. Job losses, thousands of dollars in unforeseen expenses, loss of a huge sum of money in a bad investment, and the recent increase in house payment had forced us into foreclosure.
I was wondering since we live in California is it possible under our state law that the mortgage company can come after us for the balance after our house is sold for lesser amount?
What should we do now ? Is there anyway we can start to build our credit again ? What steps from here we should take to sort of restart again ?
The fact of the matter is that we lost so much money and so many bad things happened that I have broken down inside. I don't know what to do now. I will really appreciate any good advice.Answer: In California if your mortgage is a purchase money mortgage ...
In California if your mortgage is a purchase money mortgage (not a refinance) the lender CAN NOT make you pay any more if they do not sell the house for the amount owed.Answer: California is a trust deed state and if your home was used ...
California is a trust deed state and if your home was used as your residence and the loan was a 1st trust deed they won't be able to sue you for a deficientcy balance.
Time is the only real way to rebuild your credit . Pay your bills on time and sometime down the road you'll be able to buy another house.
There are a number of other ways besides getting a loan to buy a house. Go to http://profitinforeclosures.com and pick up a copy ofreport concerning foreclosures and short sales. While at the site look around and you will get ideas for alternative ways to buy.
Good luck.
DonAnswer: You can put your house on the market and try to sell it for ...
You can put your house on the market and try to sell it for less than you owe (for instance, you bought it for $400,000, you owe $390,000, and you could probably sell it for $350,000 right now.)
This is called a short sale and it's less damaging to your credit than a foreclosure. However, the IRS considers that $40,000 difference between the balance owed and the sales price to be income and they will most likely tax you on it. (A bill just passed in Congress to get rid of this law so it may soon go away, but as of right now you'll be taxed on it.)
If I were you, I'd go find a place to rent now while your credit is still ok. If you list the house and can't sell it and the bank forecloses, at least you'll already have a place to live. Your credit will be hurt pretty badly but if you pay all your bills on time, get rid of as much debt as you can, you'll start repairing your credit. Then in 2-3 years you can try buying another house.
If you decide to do a short sale, get a Realtor who's got a lot of experience doing them. It's very difficult and that person will have to spend HOURS on the phone with your bank. You might want to call your bank and ask for a short sale package. Write a letter about why you're in this situation - the more of a tearjerker it is, the better. Send it in with your short sale package so that you can start the ball rolling. Many banks will delay foreclosure if you're actively trying to sell it.
Best of luck to you!Answer: As a real estate agent I see a record breaking rate of ...
As a real estate agent I see a record breaking rate of people going through what you are going through. The good news is you could buy a house today for a song. I kid you not, it is so easy to buy a house.
What I would advise you to do is rent something and stockpile money and then buy when you see the market going up.Question: When a house goes to foreclosure do you still need an agent?
Answer: No, you do not need an agent. The bank will foreclose, and ...
No, you do not need an agent. The bank will foreclose, and you will be evicted.Answer: I assume you want to buy it. In this case an agent may be ...
I assume you want to buy it. In this case an agent may be needed to get your offer into the hands of the mortgage holder.
Where mortgage holders must offer the property in a local paper, you may get it by reading every day.
If you are the foreclosed owner in a jurasdiction where you can redeem your foreclosed home (pay off the mortgage and reclaim the home) having an agent to make a quick sale might make sense, but one would be much smarter to do that well before foreclosure.Answer: I am not sure what you are really
asking. The law provides ...
I am not sure what you are really
asking. The law provides all
home ownes with remedies in case
you are late in paying your mortgage.
YOU are permitted by law, to
keep your home if you pay all
payments and late fees no later
than the morning of the sale.
With this in mind, I am not sure
how any agent can help you.
you may have a special idea in mind.
Also, remember, when in foreclosure,
you are permitted to sell part of the house to anyone [1/2 or 1/4 or
whatever] to help you get current
on your payments!!!Question: Asking again on an iffy foreclosure deal from a friend?
o I think I didnt add enough detail before. So here it goes: I just got a call from someone I know that decided to invest in a bunch of foreclosures with a bunch of friends (so he says). He has various listings. Anyhow, here is the thing. he called and said they are selling the properties and would put down the 20% downpayment PLUS he would give me an extra 20K? What do you think is the catch? He says he is just trying to sell the properties as fast as they can since they are making payments on them every month. heehee... it woud be funny if he saw this on ASK. Sorry buddy! Just trying to figure you out. I know theres gotta be a catch. What kinds of questions should I ask him? I am really looking for someone who can offer real advice and give me a few good questions I should be asking him and myself and what to look out for.Answer: Sounds way to good to be true. First, I hope you realize ...
Sounds way to good to be true. First, I hope you realize that there are a TON of foreclosures and property values still going up -- there are not a TON of buyers right now......I wouldn't do it --- sounds to scary and I've already lost everything - I don't think you want to.Answer: it sounds a bit dodgy to me. I would be getting some legal ...
it sounds a bit dodgy to me. I would be getting some legal advice to find out what the catches are. Did an alarm bell ring in your head? It did in mine and I live Down Under. Is he trying to pass the buck onto you? Get it checked out before you sign or agree to anything.Answer: After 22 years in the business, I would have to say that ...
After 22 years in the business, I would have to say that this is illegal. A seller can not contribute that much to a buyer. If you qualify for a no asset loan, these things could be hidden from the lender, however you will be signing disclosures that would contradict what you are doing and that is fraud. The other thing you would have to question is why "give" all of this away? Realizing the market is not great for most areas of the country, 20% plus $20,000 is a serious amount of equity to give away. Most sellers do not give that much away. If they needed to, they put the home on the market way under value, and that is what everyone is looking for these days, a deal. This brings us to the true value of the home. I would make sure you or your lender had complete control of the appraisal being ordered. If you were paying cash for the home, I would still hire your own appraiser in the case.Answer: Sounds fishy.
Is this person a Realtor? (you say he has ...
Sounds fishy.
Is this person a Realtor? (you say he has various listings....) Realtors can give "incentives" to non-licensed people.
Either he brought these properties dirt cheap and can afford to make those concessions or something is wrong here. Before I signed anything, I would take the documents to a RE attorney and have them reviewed.Question: Foreclosure homes?
I was wondering how can you find a list of foreclosure homes in your area? I tried to search online,but couldn't find anything.Answer: I'm going through the same situation right now. There ...
I'm going through the same situation right now. There are so many foreclosures on the market now that real estate agents are handling them for the banks. Try checking out Realtor.com... if you see something that says, "short sale" that is a foreclosure.
Be careful... I've viewed a few properties and their not a pretty site. One house someone actually took a sledge hammer and ruined the walls.... most of the homes are trashed, which is really sad :(
Good luckAnswer: Foreclosures.com might be what you're searching for. ...
Foreclosures.com might be what you're searching for. Careful, though. Some sights may charge a continuing monthly fee to access their updated lists, so be sure to read the info thoroughly.Answer: The lists of Foreclosures, are inemail box daily, ...
The lists of Foreclosures, are inemail box daily, however they will show that there are homes in your area, but details are only available when you register and pay the fee. You may want to try your Bank and see if they give any information, on the homes that they have in foreclosure, or have repossessed. Generally expect them to be in need of repair and remodeling. The previous owner generally did not have the funds to keep them up , and ended up in foreclosure.Answer: There's no one source, but most foreclosed properties ...
There's no one source, but most foreclosed properties are listed on the MLS like any other house. Here's how it works: I'm a Realtor and bank XYZ isclient. They repossess a house and send me an email. "Hey, we have a new listing for you at 123 Main Street in Vacaville. Do you want it?" I say yes and 3-6 weeks later we put it on the market. It goes on the MLS just like any other listing but it's cheaper than most.
I advertise them onown personal web site and the REO sites I belong to like:
www.reotrans.com
www.nrba.com
www.res.net
Any buyer can call me, tell me what they're looking for, and I'll email them a list of REO properties every day in their area. For free!
You can also sign up on sites where you pay $50/month for a list of properties but I'm cheap and I wouldn't pay this if I can get it free elsewhere.
You can try googling something like this:
Fairfield California bank owned properties
Fairfield REO brokers
Fairfield foreclosures for sale
Or just look in the Sunday paper for agents who are advertising properties, see who mentions any foreclosures, and call them to ask for a list of properties.
If you're in northern CA try www.solanobankownedhomes.com. |
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