Can you buy a home after foreclosure and if so, how long does it take?
481242
Yes, usually you have to wait until all the paperwork is done on it. My husband and I invest into homes that sell cheat and do our work ourselves and make the profit. These homes that they are forclosing on sometimes are a bit higher than others because they want to recoup some of the loss on it...N
1133376
Foreclosure alone won't disqualify anyone from qualifying for a home loan.   The degree that a foreclosure will hurt one's credit can vary greatly from individual to individual.   \n\nIn most cases, you will be fully eligible for a loan with 24 moths.  If you do a good job of paying your rent on time and keeping the rest of your debt under control (credit cards, car loans, student loans, etc...) you may even to qualify for 100% financing on a new home in 24-36 months.\n\nSo, yes, you will be able to buy a home again.\n\nIf you are currently in foreclosure, but you haven't lost the home yet, and you have a good amount of equity still in the home, you may even be able to find a lender to bail you out of your current situation.  If your credit is still in ok shape, you may even be able to find a traditional bank to lend.  If you have equity, but your credit has taken a serious hit, a hard money lender (a lender other than a bank that lends its own money) might be able to help.  In either case, you'll be looking at an interest rate in the 10% to 13% range.    Not the prettiest, but if you can afford the payments and can get back on track, it could be a viable short term solution.  \n\nAdditionally, if the reason for your inability to pay your mortgage was a true hardship  (family sickens, loss of job, etc...) and now you are back on your feet and able to resume payments on a regular schedule, you may be able to work something out.  \n\nBe sure to contact your lender as well.  You would be surprised at how far many lenders will go to avoid foreclosure.  In many cases, it's cheaper for them to work with you to keep your home than it is for them to go through the full foreclosure process.\n\nNow, if you just cant afford the payments and/or you don't have enough equity in the home to bail you out, it may be in your best interest to just let the property be foreclosed so that you can begin rebuilding your credit.\n\nIf the foreclosure process is complete and you are now out of your home, your focus needs to be on paying your bills on time going forward.  If you can, rent an apartment that is managed by a professional management company.  Be sure to pay your rent on time for 12 -24 months.
158246
Yes they can start calling you the first day it is late. No they can not take your house. You have to be 90+ late for foreclosure proceedings to start. Also most lenders allow a minimum of 10 days after the due date before they can charge you late fees. However like I said they can begin calling you the first day it is late.
206298
Depends entirely on your lender, in terms of fees, prepays of interest, which loan term you choose, whether you go through a broker or direct lender, etc.  Ask around, get some offers, and compare.  Also, they should tell you how long it will take you to recoup the cost of the refinancing--and you can consider whether or not you'd still be living in the house at that point, or will have sold it.
1143296
You don't say what State you are in or looking to buy in.\n\nI'm guessing you are talking about bidding on the house at the foreclosure sale.\n\n Foreclosure sales are published in the legal notice of Newspaper\n\n1. Bidding- There are 3 types of bids\n    Total Debt- This the total amount due on the house including fees/cost etc.\n     Specified Bid- A percentage of the Total Debt Bid\n     Range Bid (if applicable in that state)- Lender has the chance to place mulitple bids \n\n2. Contact the attorney who is handling the foreclosure sale- don't go thru the Sheriff-  Ask what if there is an opening bid available yet- sometimes they don't get them from the lender until the day of the sale.  Ask their sale requirments- if cashier's check is due that day or if they have " X" amount of days.\nRemember they are very limited on what they can release to you.  Be nice- they are not always obligated to release even the bid to you.\n\n3. If it's money is due at the time of the sale go get a cashier's check for the highest amount you want to pay. \n   Or atleast be have a letter of credit from our back\n\n4. Bidding is pretty fast \n\n5. Not all states have redemption rights. If not you are the owner when the Deed is recorded. \n\n6.  You will be responsible for eviction \n\nAgain the title issues  vary state by state. \n2nd mortgages and other liens may be wiped out at the time of sale \n\nYou may be responsible for back taxes, some lenders will pay them and include them in their bid\n\nJust remember you are buying as is.
379774
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!
1128621
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
748730
You house has to be off the market for 6 months to get a normal Fannie Mae loan.  It is a Fannie Mae guideline.  You can get private or non-conventional mortgages but they'll be at a higher rate.
418541
Depends on the type of loan you have.  If it's FHA you will have to wait 2 years.  Check you closing papers.   Stay positive and blessed\n\nTy
201346
In my state, When you are purchasing a home at a foreclosure auction they require $5,000 up front as a deposit (refundable if you don't win the auction)  Then once the final bid is made and you win the $5,000.00 go's towards the purchase price.  Usually you have 24 hours to give the rest of the money to the bank.  Most lenders won't lend on that short of a notice so make sure you have alot of cash or a hard money lender.  Second You may have to pay for title insurance.  Many banks don't like to cover the cost of an owners policy on forclosures.  The owners policy's price will vary depending on the price of the home you want to insure (you can contact a local title company for an estimate)  Third be warry at foreclosures.  See if all of the liens are taken care of. I'll give you an example.  Say you take out a first mortgage and then a second you default on the first and it get's foreclosed on by being in second lien position the 2nd mortgage is wiped out.  However if it's the 2nd mortgage that is in default and get's foreclosed the first mortgage still remains full in effect and now that you are the new owner and the 1st bank didn't approve the new owner the 1st mortgage is also immediatly due and payable when you take ownership.  Also Be warry of any Homeowners association liens and attorney's liens they are not wiped out in a foreclosure neither are property taxes make sure they are paid.  Judgments on the prior owners this varies from state to state but generally any judgments that are caught after the mortgage being foreclosed are wiped out with exception to federal tax liens they are subject to a 180 redemption because they are the IRS and they can do that. Good luck I hope you have fun!!!
63506
If the foreclosure happened less than 6 months ago, I am pretty sure you can go into the county treasurer's office and pay off the taxes, interest, penalty and costs and get the property back with the tax lien dropped.\n\nIf it is longer than that, I am not sure.
367587
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
136172
If you are going for a large home in a high priced market, you will probably have to wait longer than three years unless you are extremely aggressive to get your loan paid off first.\n\nYou might be able to improve the wait by looking to buy a small home in a moderate market. You can build up equity and turn around and sell it later for a bigger and better home that is more in line with your long term goals. Most real estate advisors suggest planning on a minumum two year stay in a home before equity begins to pull ahead of the costs you cannot recover (closing costs, inspection fees for insurance, etc). \n\nDo be wise in the selection of the home though. It is really easy to make a poor choice and end up with a home with a significant hidden structure issue or in a neighborhood that turns the corner and house values plumet. The costs of repair can actually set you so far back that it would have cost you less to have rented. If you decide to go for an older home (50 or more years), do have an electrician inspect the wiring before you buy. We asked all the right questions of the previous owner and he outright lied - We asked if the wiring was three wire and grounded. He told us yes. Once we moved in, though the outlets were three prong, only two kitchen outlets had a ground wire even present. This is a critical safty issue and many appliances will not function without it such as a surge suppression battery back up for a computer. My husband ended up rewiring the entire house. Once he got into the wiring, it was so poorly done he just scrapped everything. We were fortunate enough that he had the skills. We didn't have to pay anyone's time. But just the copper wire itself was over $600.\n\nOne good area to look to invest is on the outskirts of a rapidly growing city. Often what is a countryside purchase where it costs less to buy will soon be engulfed by a city's expansion and have an enormous increase in property value.\n\nOne last parting note, do check into government programs to assist first time home owners. You will never again be a first timer. Though your future potential income will be well above the typical candidate, these programs look at where you are now. Just starting out like you are, you will probably quilify for grants. The main disadvantage to trying to go through these programs, beside the paperwork and wait, is that your selection of homes will be smaller due to the many restrictions. Look into Fanny Mae (not sure if this is the spelling), HUD (risky neighborhoods to invest in. Be careful), ... There is another one but I can't remember the name of it. It is the best one too. Do a bit of internet research. I bet you will come across it.
209376
Usually it is 3 months before the foreclosure process even begins.  However, most reputable lenders are in the business of selling loans, not owning property.  You can usually stop the foreclosure procedure by just catching up your payments.  Talk to your lender if you are behind, it cost lenders a lot of money to foreclose, clean up, and market a foreclosed property.  Generally, they want to work with you.
255677
Probably the condition of the homes. We looked at many foreclosed, or pre-foreclosure homes when we were buying. The foreclosure process takes so long generally that the houses have been vacant for a long time and many that we saw were trashed on the inside too. Also, sometimes you will have more difficulty finding a mortgage to purchase one of these homes as they are generally sold "as is".
477715
If your second mortgage is in foreclosure then there would be a lis pendens filed against your property, which prohibits the sale until the mortgage is either brought current or the property is foreclosed upon. You will have to call the company that you have your second with to find out for sure.
1105476
Your best option is to go to court. If you reply to their summons it actually takes longer( in days) for the foreclosure to go through. Always reply in writing. But generally, the judge sets a sale date to sell your house and when that day comes it will be sold to the highest bidder. Your best option would be to find someone who buys houses. You see the signs everywhere and they advertise in the classifieds. Or try to refinance. The fact of the matter is that there are only a few ways to DELAY foreclosure. You can't stop it. No matter what anyone says bankruptcy will not save you. Now days you have to pay all that back anyway. All bankruptcy does is give you a few months. I am an RE investor and I have seen many bankruptcys that end up selling at foreclosure anyway. The bank will require the back payments to be caught up even with bankruptcy.