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Posts from the ‘General FAQ’ Category

23
Mar

How does this work if one bank starts a foreclosure then sells to another bank before foreclosure is complete?

I have a mortgage with one bank and could not pay so the bank started foreclosure proceedings. The foreclosure is not completed yet so does the new bank have to start all over and file all over again?

23
Mar

How to report short sale stock in schedule D if it’s not closed by the end of 2006?

The 1099-B form from my brokerage firm shows a short sale as a sale proceeds amount and therefore IRS is going to treat it as a gain. But I didn’t buy to cover the short sale of stock.

23
Mar

What’s the difference between bank foreclosure and homeowner’s association foreclosure?

My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner’s association foreclosure because of unpaid dues. They’re filling a lien against her … I don’t understand the difference … I thought only banks could foreclose.

21
Mar

What is a short sale and how long you have to wait to buy another house again?

I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for $235k and now it cost between $170k to $190k, so it is upside downs for around $60k. I heard that I can hire a realtor he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

21
Mar

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.

21
Mar

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?

21
Mar

How will a foreclosure work with a second mortgage?

Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?

19
Mar

How does a bank decide whether or not to approve a Short Sale?

Last year I attempted to purchase a house that was up for short sale. The owner accepted my offer but the bank denied the short sale. Now the owner has stopped making payments and we are trying the short sale again. I am willing to pay the appraised value for the home. What determines whether or not the bank will give the thumbs up or down on the short sale? Is there anything I can do as the buyer to help the process go through?

19
Mar

How do I get short sale listings?

I’m a realtor looking to get short sale listings and learn more about short sales in general.

19
Mar

home foreclosure HELP where do we go and how do we start refinancing?

Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?

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