How does a person go about finding a short sale to purchase?

I’ve got tons of friends looking for a short sale and always tell them that these properties are not always the best deals, so buy cautiously. Besides the Multiple Listing Service listings with “Bank Approved” or “Bank Approval Required”, where can a person find a short sale property?

What happens to other leins when foreclosure occurs?

My house in California is currently in foreclosure. I have a 1st and a 2nd mortgage as well as a 3rd, seller note. What happens at the foreclosure auction? What happens if there isn’t enough funds to pay off the leins? What if any steps should I take?

How much will a foreclosure in your block affect the value of your home?

We moved into a nice maintenance free senior citizen town house complex six months ago and now one of the units is in foreclosure.It took all of our savings and sell of the old house to buy this unit.How much money can we expect to loose?

How do you get a Short Sale going once you have identified properties in default?

Usually when I find a property that is in default it is vacant. In order to start a short sale do I have to contact the borrower or can I contact the lender directly? I only ask because it seems the only way I can contact the borrower is to send a letter and hope [...]

How bad does a short sale on the mortgage effect your credit?

Any one know how bad a short sale effects your personal credit? I talked with a gentleman who specializes in short sales and says it only effects your credit for about a year and up to 40 points. I have excellent credit, so that doesn’t worry me too much. I’m more worried that he is [...]

How does a short sale work with an interest only loan?

We are thinking of looking into doing a short sale. I know we need to talk to the mortgage company about this but just wondering, how does it work with interst only loans? Our 1st mortgage is at $284,000 and a HELOC at $55,000. Zillow shows the house valued at about $339,000. We are currently [...]

Can a lender agreeing to short sale keep you out of foreclosure?

My coworker is in short sale with his lender. I am familiar with the Mortgage Debt Relief Act of 2007, but I don’t know if he is in short sale trying to sell the property, if the bank can foreclosure in the process. He is about 2 months behind on the notes. He has about [...]

Does having a foreclosure and not paying your property taxes affect US citizenship application?

I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship.

During a short sale, does the title get deeded over to the seller before the lender approves the sale?

I am trying to short-sale my property, and I got in contact with a company that specializes in buying short-sale properties. They are asking me to deed the title over to their company while they negotiate with my lender. I don’t feel comfortable signing away the title before the sale is approved, so I’m not [...]

What are the different stages of foreclosure, and what do they mean?

I’m interested in buying a home in foreclosure, but I don’t know what the different stages are or what they mean. I’ve seen “notice of default”, “real estate owned”, “notice of foreclosure sale”, and “pre-foreclosure.” Can someone please tell me the stages (from beginning to end) and what that means to me as the potential [...]

« Previous Page — Next Page »