I am looking for people who have done a transaction with Funding foreclosures or who know of someone who has, and how it worked out.\n\nThe deal is they get you out of foreclosure by buying your home, paying off your mortgage so you won't lose your home. You pay them monthly for one year, to get your credit better. after one year you then buy your home back from then for a slightly higher price then what they paid off for your mortgage, but still under the homes appraised value.
123355
Hello I can help you contact me asap for more information.
494553
Yes, there are plenty of websites out there that will give you all the information you will need on pre-foreclosures, etc.  Many come with a small fee, but like all other products/services all the good ones do.\n\nWhat I would do is take advantage of the free 7-day trial.  That way you can see if you like it or not.  \nI have used Foreclosure.com in the past and was very satisfied.  \n\nWhat I like most is that they give you resources to guide you through a process that can be rather daunting at times.  \n\nHappy hunting!
283271
They buy houses at a DEEP discount so you have to consider how low you are willing to go with the price of your home if you are looking to sell.  If you are buying one of their properties, they usually do a good job of refurbishing homes so you can pick up a house with nice upgrades at a good value.  \n\nIt is a franchise so the people who run each individual branch may vary.  I have a friend who does it, and I have seen the homes they work on. They do a nice job.\n\nBack to my first point though, if you are selling you are probably better off with a Realtor, shop around your area and find someone who you can work with.
339309
I'm not an expert,but the buyers had the option to have an expert appraisal done on the home before the final sale, I'd say they are out of luck, don't go spending your hard earned money on a lawyer, ask your R.E. agent, he/she should be able to answer that question, or better still ask your Bank Mtg Mgr they see all kinds of stuff.
125239
it's not a bad deal for people who might have trouble qualifying for a conventional loan.  It's usually an owner who owns the house outright and wants to have that interest on the sale (like what the bank would normally get).  That owner will have a lien on the house the way a bank that did your mortgage would.
74973
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
432316
Call your bank now and see what your options with them are. A short sale on your credit report is not 1/2 as bad as a foreclosure.\n\nA neighbor of mine was going into foreclosure. They got the bank to accept a short sale instead. The agent listed the property well below market and ended up having a bidding war with 4 different buyers. They ended up $40,000 short of the fair market value but it actually paid off the note in full (no short sale), got them out without a foreclosure on the credit report and sold the property in 5 days versus 30-60 for a traditional sale.\n\nAs for the value falling... Do you owe more than the property is worth now? If not, there should be options for you.\n\nBest of luck!\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
607999
It's public info, those companies just compile it and resell it. How much time are you willing to spend down at the county courthouse?\n\nRelated note - I'm no real estate expert but know a few and they do expect a big jump in foreclosures in the next few months in many markets. But they also say the best deals are -pre-foreclosure. Depends on your time/money constraints and goals - invest or just get a good deal on your house. If you want to invest as a business, simply put up cheap ads in high-traffic areas, in the neighborhoods you like, saying "Worried about foreclosure? I can help, call xxx-xxxx" Then when they call you screen to see if you're interested in the property, and make an offer.
394565
I'm sorry Love, but it sounds like your missing something!?! You refied. with another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you? \nIf you only owed 4 thousand something, on the home and refied. with another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?\nIf you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I'm a bit confused about what really happened!\nYou really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.\nI know that you don't want to spend the money on an attorney but beleive me when I tell you that if you don't do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don't wait and don't delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn't do!\n\nGood Luck Little One!\n\nBlessed Be
347891
I did about 3 years ago.  One thing to consider, most of these programs require the seller to pay a fee.  You may have to increase the sale price to compensate them for the fee.  Other than that, I didn't notice anything different from a 'normal' home purchase.  It was my first home purchase, so I have no other experience for comparison.
108968
I also had poor credit, but bought my first home last year.  I went through a broker, instead of just getting a real estate agent.  He was able to find a bank that would give me a "statement loan".  That is where I had the money, just not the credit.  They used my bank statements from the past year and seen that I had enough money to make house payments, and I was even able to get first time home buyer program, 0 money down, and the sellers paid the closing costs.  There are ways, but my best way was to go through a Broker, who was able to help me tremendously!
641471
When a property gets foreclosed on, and it's the first lien holder that is doing the foreclosing, then the second and third and fourth (etc.) will get wiped out at the foreclosure auction. What an investor will do is to buy/tie up the property from the defaulting owner and see if he can discount the first and second. The second will most likely agree to a small amount (usually 7-10 percent) because they will lose everything once the property gets foreclosed on. The first will usually accept a 20 percent hit.\n\nNow what you quoted is that the second note holder was stating that he will own the property by buying it from the person in default and take over the first position's loan payments and make it current. Therefore, he is not interested in selling his note to the investors. The investors in that example were idiots for not controling the property first or the owner didn't want to sell. The investors were hoping to buy the second note at a discount and bid at the auction and own the property with at least 15 k equity plus whatever the homeowner had in equity.  \n\nYou can buy any note by approaching the lending institution that holds the note and making an offer to buy it. You will need cash to do so.\n\nAlso, to clear up the quoted reference, you can purchase property "subject to" existing liens/loans. Taking property "subject to" means that you will take over the payments, but the old owner is still responsible for the loan(s). So if you stop paying the mortgage/trust deed, the lending institution will go after the old owner and start foreclosing on the property. Buying property "subject to" existing loans is one way where someone with no money and/or credit can get into a home and own it. The second note holder was buying the property from the defaulting owner using the "subject to" clause.\n\nI either confused you or helped you. Either way, I just saved you hundreds of dollars in late night real estate infomercials! ;)\n\nE-mail me if you have any questions.\n\nRegards
642568
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
227873
Hi tater_bug0629,\n\nMy advice without the hype of foreclosure websites, check out your local sundays paper and find real estate companies advertising "bank owned" properties. Usually these are the guys who have access to the bank owned properties in your area and are eager to email their listings to you free of charge.\n\nCheck out my site: www.CurbSideInfo.com\nUnder Michigan Foreclosure.\n\n\nGood luck to your future endeavors!\n\n\nSuccess To All,\n\nJohn Lopez\nrealestatemichigan@yahoo.com\n313-258-1001\nwww.MichiganInvestorNetwork.com\n\n\n.
598411
Because the foreclosure laws and requirements vary not only by state but by county/township/parish within the state, and because failure to do it properly can result in a void foreclosure sales as well as damages for the mortgagee/buyer (for debt collection and for wrongful foreclosure), you really ought to talk to a lawyer. Same advice if you only want to kick them out: don't be penny wise and pound foolish -- because you might be subject to penalties if you do it incorrectly, let someone who knows how do it for you.\n\nYour rights and responsibilities are going to be a combination of what is spelled out in the note and deed as well as the state property code/statutes. For someone who has done it before, foreclosure is not a terribly complex or expensive matter, and typically involves (i) acceleration of the note, (ii) notice of acceleration, (ii) notice of foreclosure, and (iii) foreclosure. It could take a month or two to jump through the notice hoops.  It may scare your buyer into getting current again; it may cause them to file bankruptcy where (you guessed it) you will want to talk to a lawyer about how to protect your rights.\n\nGood luck.
608545
Above comment about balloon payment is a good one; personally had a mortgage that seemed too good to be true, until we were signing the huge pile of papers and found one that mentioned the balloon payment -- under the terms, after 15 years, we would have paid down almost none of the original loan!\n\nThere are conditions under which this isn't necessarily a bad deal, but it involves a lot of financial discipline, and your mortgage lender probably won't help you figure it out.\n\nA bigger concern at this point is simply this: interest rates are going up, and the housing market is slowing down. You may get a mortgage you can afford for five years, but can you afford it if the rate adjusts to, say, 10% in five years and you can't find a buyer for your house who will pay what you still owe?\n\nFinally, how much are you paying in points/fees on that loan -- and is it more overall than you'd pay on interest for, say, a fixed 30-yr loan at a reasonable interest rate with no points/fees?
652033
When you are purchasing a property through the foreclosure auction, the person conducting the auction has to verify the funds prior to the auction.\n\nAt the auction you must have cash or a cashier check and that's the bottom line. There is no down payment, You have to have the full bid price in order to be successful at the foreclosure auction.\n\nThere is no 24 hour period in order to get or secure the funds. If you don't have the funds at the auction you can not bid or be allowed to bid on a property.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"