I'm About to Go Through a  Foreclosure... Need Advice...?
963787
http://www.naca.net/db.php3?submit=Search&state=Any+State&levelofexpertise=any&areaofexpertise=Time_Sharing\n\nFind an attorney who can advise you on filing a bankruptcy to stop the mortgage company from foreclosing.\n\nYou may also want to find an attorney who is familiar with RESPA and predatory lending. They can assert the mortgage company broke to law, and file a suit in the district court to stop the foreclosure and possibly modify the terms or strip the mortgage.\n\nGood Luck\n\nYou may also want to contact a HUD counselor, they can work with you and your mortgage company
1127180
Only a lawyer who can review your mortgage can tell you your rights, which depends on the state you live and the documents you signed when you got the loan.  \n\nHowever, some lenders have programs where if you volunteer to leave the house without contesting it in court, they may actually pay you a small amount of money.\n\nThe concept is they get back the property in reasonably good shape, save a little in legal fees, and end the process quickly, which minimizes their loss.  You get a small amount of money which you can use to get your belongings and self out and start over.\n\nOther options include: \n\nGet a real estate broker to give you a "BPO", which is basically their opinion on the value of your home.  If the value is higher than what you owe the bank, sell it quick!  You can avoid a damaging foreclosure on your credit record and even get to keep the profit earned by selling it for more than you owe.\n\nRefinance with a subprime lender who specializes in foreclosure bailouts.  You'll need a reasonably low loan to value (the amount you want to borrow versus the amount the property is worth) to qualify for these programs at a reasonable interest.\n\nTalk to your family and friends.  Talk to your church or religious leaders.  They may be willing to pitch in to keep you in the house if the problem that forced you into foreclosure (such as a temporary loss of job, medical expenses, etc.) is over.\n\nConsider renting the house out to other people, find a cheap apartment, and use the rental income plus the amount you save each month by living in a cheaper apartment to pay your house's mortgage until you get things straight.  Then you can eventually give up the apartment and ask the tenants to leave, and move back in.\n\nAsk for forbearance/workout plan.  Some lenders may lower or eliminate payments for several months and put off a foreclosure if you can provide a reasonable reason why you deserve it, and you can demonstrate the ability to get caught up soon.  If you break the forbearance plan, its over....  That is probably the last bit of good will the mortgage company will offer.
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.
70669
Talk to a lawyer about filing a bankruptcy to stop the foreclosure. That will likely only be a temporary fix, but after that you should probably consider selling unless you expect future income to cover the payments. Good luck.
414901
First what do you mean by foreclosure home. \n\n1. If the house is currently in foreclosure and has not been sold by the sheriff or trustee. Then you will need to buy the home directly from the debtor. They own the property till the sale date and/or redemption period. If debtor is not willing to sell their home you will need to bid on the house at the foreclosure sale. You will need to contact the law office that is handling the foreclosure for their sale terms and if money is due by the end of the day. Please understand the foreclosing law firm can only give out very limited info due to the fair debt act\n\n2. The foreclosure sale was completed and reverted back to the bank and the redemption perior expired (if there was one) The bank owns the property at this point. You will either need to contact their REO(Real Estate Owned) department and tell them you are interested in purchasing the home. Or wait till the bank has listed the property with a local realtor. \n\nMost of the homes sold by the bank are sold as is and it is wise to have the property inspected by a professional. \nIf you are financing the home some lenders may want to see the inspection report or have other requirements since it is a foreclosure home before they do the final approval. \n\nIf you are purchasing the home from the debtor prior to the sale, Time can be of the essence and the closing will need to be completed prior to the sale unless other agreements have been made by the Mortgage company foreclosuing on the home.\n\nthis is the basics however I'm sure there are some who have tricks on dealing with the banks.
497538
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.
875024
As little as 90 days in some cases.   Foreclosure is a process.  First, the homeowner owes several months of mortgage payments.  The first thing which will happen is you will receive notice from the bank that foreclosure is possible and they will request you contact them to try to set up a repayment plan.  If you do not set up such a plan, the next document you will receive is a foreclosure notice usually set 90 days in the future.  You then have 90 days to come up with the late payments, current payment and any court fees.  At this point, there are several options; These include:\n\n- Some how come up with the outstanding payments\n- Sell the house yourself (risky as a house could easily take more than 90 days to sell)\n- Sell the house to an investor for much less than market value\n- Refinance the debt (usually at a very high cost)\n- Personal Bankrupcy (many people use this as a last second tool to halt or delay foreclosure)\n- Let the foreclosure happen\n\nThe last option is usually the worse as you will lose all equity in the home.  Unless you owe more than the house is worth, foreclosure is the last thing you want to happen.  A foreclosure will also destroy your credit.\n\nMy advice is to contact a lawyer.  Most people shed their assets before going into a nursing home.  A laywer should be able to tell you what your options are.
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.
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.
116577
mortgage history is the key to your credit.after foreclosure your screwed for 7-10 years creditwise. even after that it still has to be dealt with.
777076
Auctions.  Look at your local paper for legal notices - foreclosure sales.  Do your research before going and bidding on properties.    If you don't know what you are doing, you could risk making a horrible investment and losing money so talk to people at auctions and get tips before bidding yourself.
164972
Go to your local Real Estate Investor's Association meetings (every city has one). Just listen and learn. Try and shadow a successful investor around and learn from them. Read "Are You Dumb Enough to Be Rich". It's a very detailed book on buying and flipping houses and it starts at the very beginning. You can find it at any book store. \n\nDo a lot of research and learning first. Foreclosures are a little tough at first. I'd recommend looking for people that may be facing foreclosure in a couple of months and are looking to get out, or just drive around and find some distresses properties. \n\nThere are some in EVERY neighborhood. \n\nBut do as much reading and studying as you can first.
1132441
There are a couple of trains of thought here.\n\nYou did not state your age so it is sort of difficult to say with certainly how to solve or answer question.\n\nIf you are not close to retirement and not worried about being on a fixed income and worried about making your current mortgage payment, then this is my suggestion.\n\nKeep your current mortgage as it is, it is mostly a tax write off with your interest.\n\nPurchase additional income properties either with a guy that need money to find fix-up and repair distress properties and place them back on the market for  sale.  This is a good way for you to earn money without doing a lot of the work yourself.  Make sure this person has  experience, so have him show you some of his work he has done in the last 2-3 months. Find out his volume, investment amount needed per deal and the return you can expect for your investment.\n\nThe other way is for you to find distress properties, foreclosures, For sale by owners, fix them and put them back on the market for sale. If you decide to go this route for every 3 houses you come across I would keep 1 for a rental property and income tax write off. If you are doing an average of 3 per month that would give you 12 properties at the end of your 12 month cycle. You should conservatively be earning approximately $10,000- $20,000 per month easily. \n\nAnother way is just to purchase property for rental through bank REO that are already for move in. At this rate it would take a lot longer to accumulate.\n\nYou can lend your money out to others using their homes as collatral for 2nd trust deed investment. 2nd trust deeds are averaging about 10-12% annual. They are normally interest only with a call date of 5 years or less.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
934122
=foreclosure sales are a hot item.  I would try to sell. Find a good RE company and list with them ASAP.  You may be able to save your credit rating and get a little cash as well.
749519
NOtice of defualt is the first step to foreclusure.  That's the lender telling the borrower that he missed a few payments - and that foreclosure is coming.\n\nReal estate owned (REO) is the bank owning a foreclosed house.\n\nPre forclosure is the best time to buy the house.  You can often negotiate with the bank at this time and get a good deal.  Remember, good terms are better than a good price.\n\nNotice of foreclosure sale is when there is usually an auction after the house was foreclosed and the bank is trying to sell it to the highest bidder.  Don't try to buy here - there will be tons of people at a foreclosure sale and they call came with mega bucks to plop down on the house.  Also they are usually all cash deals.\n\nGood luck - and follow the pre foreclosure route.  The others might work for you, but only rarely.\n\nAs an investor I will tell you that if you are sking this question, you really are not ready to invest.  Read up - learn more and then go for it.  Good luck
771762
A foreclosure (which will happen if you stop making payments) can be much more damaging to your credit than a BK...so it's better if you can avoid that route.\nSelling it on your own is not always the best decision. Many homes need the exposure that the local MLS provides and there are creative, industrious agents out there that may be able to help you. For example - what about renting it out? Or finding a tenant on a lease to own situation?\nJust because you don't plan on buying another home for years down the line is no reason to be so blase about your credit. Bad credit can affect your employment, and everyday purchases ranging from cell phone plans to utilities. You'll be paying more on these things because you have a bad credit history - and why fall deeper into that pit if you have alternatives? Find a couple of agents, interview them and pick one who can help you out of your predicament.
74664
Check out this site:\nhttp://www.foreclosure.com/