Question: #1: Foreclosure?
How long does it take for a person to be evicted from a home that has gone into foreclosure? And are there any precautions one must take if this is the ONLY option?
- asked by Lovemyfamily
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Question: #2: What's the difference between a regular foreclosure and an REO foreclosure?
I've been looking up foreclosures at the county office to buy a foreclosure (the ones about to be auctioned). Someone said I should be looking at REO foreclosures. What's the difference, and how do I buy one and or get info on these?
- asked by BlackDahlia
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Question: #3: What are the different stages of foreclosure, and what do they mean?
I'm interested in buying a home in foreclosure, but I don't know what the different stages are or what they mean. I've seen "notice of default", "real estate owned", "notice of foreclosure sale", and "pre-foreclosure." Can someone please tell me the stages (from beginning to end) and what that means to me as the potential buyer? Thanks.
- asked by juicyfruit
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Question: #4: How does shorting on a foreclosure work?
Can you explain the process of shorting on a foreclosure? How do the negotiations work with the lien holders? What would be a normal offer for a foreclosure property (as a percent of retail value)? Thanks, first best answer gets my ten points.
- asked by Christopher B
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Question: #5: Did the final version of Foreclosure Act include the $7000 credit for the purchase of a foreclosedhome?
I purchased a foreclosure in June 2008. I know the Foreclosure Prevention Act underwent many revisions. Does anyone know if the final version which the President is expected to sign still includes the provision for the $7000 tax credit for the purchase of owner occupied foreclosed homes? I am not a first time homebuyer.
- asked by Stacey C
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Question: #6: How does foreclosure affect my credit if a divorce follows?
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
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Question: #7: What is the current national foreclosure rate?
I keep seeing in the news that foreclosure's are up XX% in the last year. What they never say is what the foreclosure rate actually is. I mean if it's up to 4% from 3%, that's a dramatic 33% increase, but it also means that there are still 96% of people still paying their mortgages. I just want to know what the real number is.
- asked by Laissez-Faire Guy
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Question: #8: Does having a foreclosure and not paying your property taxes affect US citizenship application?
I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship.
- asked by Jorge L
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Question: #9: How does one get an apartment after a foreclosure?
My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only 30 days delinquent. How do apartment management companies view foreclosures? Should she apply for an apartment now, knowing that she will not move in for a couple of months? *** Please note that I am not looking for advice on how to keep the home or to get her out of the foreclosure. All options have been considered. Please give advice on how to proceed to obtaining her next housing. Thanks!
- asked by LoveMyKids!
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Question: #10: What happens to other leins when foreclosure occurs?
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
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Question: #11: How bad is a foreclosure on your credit and how can I best avoid it?
I am not in foreclosure yet, but I recently lost my position and we have very little savings so I don't know that I will be able to save my house. We just got into our home in July and then my company lost a major account and I was out of work. I am doing sales now, but that is commission based and slow to pay. I have no equity in my home per se, and i live in California. I guess I'm wondering with the market the way it is, it might be better to walk away and try again in a few years.
- asked by Donald B
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Question: #12: What does foreclosure mean for my taxes?
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
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Question: #13: How can I find out if a house is undergoing foreclosure?
I'm suspicious that our house is undergoing foreclosure, but I can't prove it. I live in the state of California, but how can I find out whether or not a house is in foreclosure, or about to enter foreclosure?'m suspicious that our house is undergoing foreclosure, but I can't prove it. I live in the state of California, but how can I find out whether or not a house is in foreclosure, or about to enter foreclosure?I guess I should have clarified: I'm a renter, so I have no clue what's going on with this house.
- asked by jtkestrel
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Question: #14: How can you remove a foreclosure from your credit?
Can a foreclosure be removed from your credit after a year? How long does this stay on your credit report?
- asked by Jos
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Question: #15: Indiana: What is the difference between defaulting and foreclosure on a mortage?
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
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Question: #16: How do I learn about foreclosure auctions in my ares and the specification of what is beingoffered??
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
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Question: #17: What happens to renters when home goes into foreclosure?
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
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Question: #18: What should a person expect when purchasing a foreclosure home?
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
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Question: #19: How do I purchase a foreclosure home that is owned by the bank?
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
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Question: #20: How can a person repair their life after foreclosure?
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
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Question: #21: How do I search for foreclosure homes without having to pay?
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
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Question: #22: How long does a typicaly foreclosure take?
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!
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Question: #23: How do you become a foreclosure consultant?
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
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Question: #24: What are the credit implications of foreclosure and for how long?
We live in Hawaii and our mortgage has become unmanageable. We just found out our house is worth 64k less than we owe. We have good credit though are overextended because of mortgage. No defaults and one 30 day late pay. We want to sell but do not have the credit left to get a 64k loan to pay off the rest of the loan. We desperately do not want to go into foreclosure. Any options anyone is aware of?
- asked by Annie P
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Question: #25: If I lose my home to foreclosure, will I have to pay taxes?
I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and my understanding is that I have a non-recourse loan. Will I owe the IRS taxes when my property is foreclosed on?
- asked by J William
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Question: #26: What is the difference buying a foreclosure home and a bankruptcy home?
Just like to see if the prices would be different? I know that foreclosure homes are cheap, but are the bankruptcy homes cheaper or? Whats the catch?Anything would be appreciated. Thanks.
- asked by Mrs. Pearlie
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Question: #27: What options are available to avoid foreclosure?
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
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Question: #28: How can I find out about my home that supposedly went into foreclosure?
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
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Question: #29: What is the advantage and disadvantage of buying a foreclosure home?
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
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Question: #30: How does buying a house in foreclosure work?
I was on yahoo real estate recently, and I clicked on foreclosure and I arranged the prices of the homes from the cheapest to the most expensive. I found some homes in my area with a price of about three thousand. Now is that a buy in price to take over the mortgage or what? How does that whole thing work? What are the dangers?
- asked by SABADO GIGANTE
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