Property Foreclosure Knowledge Base
How do I make an offer for a pre-foreclosure property? I have an address for pre-foreclosure from a web site that can tell you if a property is in pre-foreclosure or is already going to auction. I am looking for a second property for income purposes located within one hour from my house.
I am interested in buying a foreclosure property in southern California? I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful! I'm a Canadian citizen and I live in Canada, if that's necessary.
What is the truth about foreclosure property being sold illegally? I bought a foreclosure property last week at the L.A. county courthouse through an auction. The trustee was California Reconveyance company and the auctioneer was LPSASAP. When I went to speak with the old owner she told me this was sold illegally and her lawyer would call me. The "representative"/owner of her company called me, no lawer and told me that California Reconveyance Company is not bonded and neither is LPSASP, therefore making the sale illegal. She also told me that they are under investigation by the FBI and a lot of these trustee companies are in big trouble. Is there any validity to this?
What is the Transfer Value of an REO foreclosure property? I live in the UK and have seen an REO foreclosure property listed online with a Transfer Value of $10. The site does not list any other costs for the property. It is a 3bed 2.5 bath in Orlando - does this mean that the property is available to purchase outright from the owner (Bank of America) for $10?
How to contact owner of a pre-foreclosure property? I am trying to buy my first home and am looking at pre-foreclosure properties as an option. I have located a pre-foreclosure approximately one mile from where I currently rent a home. I have begun researching how to go about buying a pre-foreclosure, and I know that my first step is to contact the homeowner by mail. I already have his name. Because I live so close to the property and frequently drive by, I am aware that no one has lived there for some time, and I am concerned that any letter I write would not reach him. How can I make sure that he receives my letter? Also, I am not an investor, and I am not represented by anyone...I am just a young mother looking to acquire my first home at a reasonable price. Does this lessen my chances of being able to make a proposal that would benefit both myself and the homeowner? Any guidance would be greatly appreciated. Thank you.
Where do I go to find property tax foreclosure sales? I just saw John Beck's Free & Clear system crap and I was wondering where do I go to find property tax foreclosure sales so I can buy a property for pennies on the dollar, pay the back taxes and hold the title to the property. So where are these sales and what do I do first?
Has anyone ever boughten a foreclosure property? My boyfriend and I are going to start saving money to buy a house. Today I was looking at the houses for sale online and a link to foreclosure properties came up. The prices for the foreclosure homes are super cheap. For example a house built in 2004 with 5 bedrooms and 2 bathrooms for about $20,000. Does anyone know if this is true or what is the process of buying a foreclosure property?
Can U get your property or equity back after foreclosure auction? My clients property in foreclosure was just auctioned yesterday. A buyer already had comitment and was supposed to close witin the next 7 days. Re-instatement cheque was not accepted cos it was said to be too late. Is there any other option left for the homeowner? He has about $65,000 equity in this deal and all the familys life savings will be gone! Also, what happens when a property is sold at a foreclosure auction for more than the amount owed? Does the homeowner gt back the excess funds? Thanks.
How to find out how much is still owed on a property in foreclosure? Is this at all "public information"? There's a house for sale that we are interested in & it's a foreclosure. The deed holder is the FEDERAL NATIONAL MORTGAGE ASSOCIATION. (Fannie Mae) The realtor does not know how much is left to pay on the property. Would like to know if I have any right to find out myself BEFORE making an offer......thanks!
Property Tax Amount for Buyer of Foreclosure Property? I am planning on buying a foreclosure property for $125K that was previously tax appraised at 190K. If I buy the house, when it comes time to pay the property tax, will the tax amount be calculated on my buying price of 125K or the previously tax assessed value of 190K? The home is located in Pearland, TX (Brazoria County).
Has anyone heard of buying tax foreclosure property? I was told you can buy a house at one of these government tax foreclosure sales for about $600, and the house is worth a whole of alot more like a house of the value of $180,000. All you have to pay is the property tax light, water... and the house is legally yours? Has anyone else heard about this, is what I been told accurate? Where else can I find out about this type of sale my self, Thanks for your help.
How do I buy a small piece of a property that is in foreclosure? My next door neighbor just moved amid a foreclosure. The property line sits close enough that I only have enough room for a one-car driveway. To expand it enough to fit two, I'd need a couple feet from his property. How could I go about purchasing that land? Are banks willing to sell off such small amounts of land (two feet by 150 feet) and does it require city approval? Or, should I wait to deal with the new owner? It seems silly, but that small amount would really help.
Is there a law in Missouri that forces land lords to reveal if the rental property is in foreclosure? I have been reading a lot about instances where unscrupolous people who have homes going into foreclosure are renting the property out without telling the renters and all of a sudden a foreclosure arrives at the residence and the people who just paid rent and a deposit and stuff are being evicted within a couple months. Is there a law on Missouri books that forces land lords to reveal this information prior to renting the property in foreclosure? If not there isn't, there should be.
What happens to a tax lien if the property goes on foreclosure? Lets say the owner cannot pay the mortgage and house goes on foreclosure and there is a tax lien on the property. The property is worth less than what is owed, no equity. What happens to the tax lien? You mean the person that purchases the home is the one paying for the pending lien?
Is it legal for a landlord to sign a 1 yr lease 40 days prior to knowingly losing the property in foreclosure? I signed a one year lease slightly over a month ago. I signed the lease along with the first month and deposit. I was not disclosed the property was in foreclosure. Was this lease legal? Last night I received a notice of entry and there is now a change of ownership with a new landlord. Also, the new property owner presented a notice of entry and notified me that I owe rent for the last days of the month in rent. This rent was already paid in full to the prior landlord. I have no paperwork or proof as of yet that he is actually the new owner. He has already expressed his intentions on raising the rent. My unit is rent control. What are my rights? In live in Los Angeles, CA. Los Angeles does have rent control of 4%. I can get a copy of my cancelled check. The new management is saying that the last days of rent are due to them as they are the new owners. Supposedly, in foreclosure it is different that the sale of a property. I have has some legal consulation and have told that asking for the prorated rent is illegal, Online, there are many yes' and no's to the same questions. I am hoping to find some concrete answers.
can my landlord still charge me rent even if their property is in foreclosure? My neighbor said that our landlord has not been paying the mortgage and that the property is in foreclosure. My neighbor is my landlords brother and co-signed for the mortgage and he said he received a letter saying that the mortgage has not been paid and foreclosure is going start. Do I still have to pay them rent? Shouldn't they say something to me about it?
Question about Property that has caused Damage is now in foreclosure? A neighbor has been having flooding problems because of our other neighbor's driveway. After much dispute, he filed a complaint to fix the problem and pay damages. They in turn filed a claim with their insurance company who has not yet settled. Now their property is in foreclosure and is bank owned. Does the foreclosure part, complicate things for my poor neighbor?
Is it Illegal to Collect rent on a property that is in foreclosure? I am a landlord for a trailer park. The property is in foreclosure. The property is owned by a development company. There is attorney calling me and telling me I cannot collect rent b/c of the foreclosure or they will take me to jail. Yet my boss tells me to keep collecting... What should I do? Is the attorney trying to bully me into giving the bank money behind my bosses back? Or am I really in danger of going to jail? Fyi this is in the state of Florida
How do you make an offer on and buy a foreclosure property? If the property is already bank-owned, do you make an offer to the bank the same way you would with a seller? I heard that if a property is already bank-owned, you can make outrageous low-ball offers on the property and that some banks would accept next to nothing to unload a foreclosed home. Is there any truth to this? or should i make the offer i would if I were dealing with the original seller?
How do you buy a tax foreclosure property? How much will it cost, basically how do you do it, and is their any way to buy free and clear tax foreclosed property and how can i get more information and step on how to own tax foreclosed property?
Should I pay HOA fees when property is on foreclosure? I am letting go of my apartment because its over $50K upside down. I have tenants there now. Can I stop paying the association fees since the property will go on foreclosure anyways?? Is there anything else the Association can do besides putting a lien on the property? Could they harass the tenants there now?
I am interested in buying foreclosure property in California.? I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful!
How do I stop foreclosure on my property? How do I stop foreclosure on my home/shop? I live in a metal building and have 33 acres and have been unemployed over 1yr. My lender is calling the note in 18 days no one will lend to me because the building has more storage area2/3 than living1/3 will not meet requirements for home loan and if it did the property would be worth more than the home to get home loan.
How do I file a foreclosure on a property? I am a lien holder on a property and the person who is buying the property has not paid their taxes and is always late on the payments? Is there a form I can fill out to start the foreclosure process? I live in Harris County, Houston, Texas. Thank you.
Can a loan be assumed on a pre-foreclosure property in texas? a homeowner is in default and will be foreclosed soon. if the accrued interest and all other sums are paid before going into foreclosure, what are the steps to follow in order to assume (take over) payments. paperwork? contracts? any advise will be greatly appreciated.
How to go about buying a foreclosure property? I'd like to buy a home, and am trying to find out details on buying foreclosures. How do I go about finding and inspecting homes going to auction? What do I need to do to prepare? Have any real people (ie, you or someone you actually know) had any good/bad experiences buying foreclosures you can share?
Can you really buy foreclosure property for no money down? I have been watching late night infomercials claiming you can buy property for less on the dollar and more importantly for zero money down? How is this possible and does it violate any state laws for taking advantage of their situation?
should i negotiate a rent amount being that the property is in foreclosure? i'm renting a home thru a property management and the owners are in a process of foreclosure. They didn't tell me that this was happening and now the management company is sending me a new lease to sign. They left the rent at the same price but they will not reduce the monthly. Is their something i can do?
How quickly do attorney fees accrue on a property that has gone into foreclosure? I am working on a property that is in foreclosure in WA state. It is 2 months into the process, $11,500 in back payments and taxes and a few thousand in attorney fees for the mortgage holder's attorneys. Is there a ballpark estimate of how much attorney fees will be once the 135 days is up and it goes to sale, and is there any formula for calculating the rate of their charges?
What should I do about repeated bank delaying of the closing of a foreclosure property? After much searching I have finally found the perfect house... it's a foreclosure, but in decent condition and for the right price. However, the bank keeps delaying the closing date and asking us to sign extensions to the contract. It was originally scheduled to be the 29th of July, then was extended to the 8th of August, and then was delayed to the 15th. They said it was because of a title issue, however, they have delayed it twice, which makes me wary. In the contract it says that if the house is not closed on the 12th of August, either party may void it if they so choose. Should I continue to sign these extensions, or should I put my foot down and demand the contract goes through and risk having the deal fall through?
Questions about carrying costs for a bank-owned foreclosure property? I can’t find any internet sources on this so hopefully someone here can help. I am more than willing to do the calculations myself if someone has a formula for this. If a bank foreclosed on a mortgage that was somewhere between $150-160,000, what would it cost that bank per month in carrying costs? If you can’t give me a number, can you at least define "carrying costs?" I understand that it’s the cost of owning the home until it sells, but what items/expenses make up the actual cost? Is it just the foregone mortgage payments? Thanks so much in advance!
Where can I find Foreclosure Property Listings? I know that they are required to publish the Notice of Default in the local papers, but there never seems to be anything in the Legal section of the Classifieds! Is there an insider location?
Who is selling a property at foreclosure? I know the bank is the one selling, however, is it a realtor that they hire or a firm/broker that does all that banks foreclosures,etc? Whats the typical procedure here?
How much would it be to buy a small house or property for foreclosure? I'm 17 and looking to do some investing. I've talked to my parents and they said I should look into real estate. I told my mom that $1,500-$2,000 isn't enough but she confidently said I could find something small. Is she right? I know that i'll have to have my parents co-sign anything.
How does probate work w/ a property beginning foreclosure? A property was left to a daughter 2 yrs. ago (fathers death) it never went through probate. The mortgage is delinquent - bank letters are arriving - daughter doesn't want to deal with it and is letting it go. I have some access to her but not directly. She is being difficult due to input from outsiders. I am having an O&E run on it, what steps or questions should I be asking to aquire this "possiblity". There's a 1st and 2nd on the property, I know the bank names for the mortgages and the owners name. The property is quite the mess (gotta love it) and could have some great potential. Anyone with input that has delt with probate would be greatly appreciated. ~Thanx~
is ist safe to buy a Pre-Foreclosure property? I see several impressing commercials online, showing very interesting opportunities for buying big houses with low price. They are all classify under the "Pre-Foreclosure" category. I wonder if there is any hidden cost, commercial tricks or financial maneuver? is ist safe to buy these Pre-Foreclosure properties? Do I really own that house after purchasing, and can move inside?
Help with buying foreclosure property, what to do if? Who do you make the checks out to, yourself incase you don't get the property? or the trustee service company? What do you once you purchase a property at the court house steps and the people have not vacated the property?
have five days left to respond to a foreclosure place in my property. May I represent myself? I have five days left to respond to a foreclosure place in my property. May I represent myself at leat while I find the right attorney? The fact is I hired an attorney but I haven't received any copy of the response that he is suppose to sent to the court. I haven't been able to reach him at his phone and I found out his office is one of those virtual offices. I have 5 days left and I want to be sure we are responding to the sue. Any suggestion will be very appreciated at this time. Thanks
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