Home Foreclosures Guide
Featured Home Foreclosures Article
For a permanent link to this article, or to bookmark it for further reading, click here.
Buying from a Foreclosure Home Listfrom: PersonalFinancialHelp.com
Sometimes homeowners come onto hard times, and find it impossible to keep their homes. Unfortunately, the way the economy is today, some people are losing their jobs due to lay-offs or actually having to quit their jobs due to the rising fuel prices. For whatever reason, people can't pay their debts, and after a period of time their home goes into foreclosure. The home then goes on the foreclosure home list, where buyers hunting for foreclosed home ads on the Internet.
The bank or lender cannot force the homeowner that is default to move out of the home, but the bank may demand the mortgage to be paid in full plus interest. If the homeowner cannot pay the bank the defaulted payments, and he/she cannot meet the demand for payment in full the bank will get a court order to have the homeowner evicted.
Every state has its own foreclosure home regulations. Depending whether the home is financed through a regular mortgage or if your mortgage is secured through a trust deed, the amount of time before the homeowner will have to vacate the home. If you have a mortgage, you may be able to stay in your home up to a year after the home goes on the foreclosure home list. However, if the home is financed through a trust deed you may have to vacate the premises within 3 or 4 months.
The person in the foreclosure home is the seller, and the seller has a right to cure the defaulted loan, and pay back the missed payments including interest, and all of the foreclosure fees. Many people believe it is easy to buy up property from foreclosure lists. It is best to hire an attorney that specializes in foreclosure home properties before trying to acquire foreclosed on properties.
A good rule of thumb when trying to buy from a foreclosure home list is to contact the bank or lending company that is holding the mortgage and make an offer in writing. If the lender is interested in your offer, the lender will give you a letter of commitment. It is also a good idea to try to get the seller to sell you the property before the foreclosure becomes final. If you can buy the home in pre-foreclosure you may be able to purchase the home for less than the balance owed.
Buying a foreclosure home can be a great business decision, but there is always a downside for someone. The buyer is happy he/she made a great buy, and the seller has to move within the allotted time determined by the foreclosure agreement. If no one buys the foreclosure home, the seller will have to move when the lender takes possession of the property. By selling the foreclosure home early on in the pre-foreclosure, the seller may be able to walk away with a fairly decent credit rating.
In the foreclosure stage the foreclosure home is listed in the County Clerk's office where interested persons, can find out when the property will go up for auction. In the post foreclosure stage the property becomes the possession of the lender's real estate department or the new owner.
Hgtv Dream Home Foreclosure Texas News
Couple's Rehab of Detroit Family Home Leads to TV Show - Valley News
Couple's Rehab of Detroit Family Home Leads to TV Show
American Rehab: Detroit, scheduled to premiere in January on the DIY Nework, came about through an April 2013 Detroit Free Press article that showcased how Lee bought the ancestral family abode in a foreclosure sale for $8,100. With his wife, Amy ...
HGTV Dream Home Owner: "Foreclosure Proceedings Have Begun" - KLTV
HGTV Dream Home Owner: "Foreclosure Proceedings Have Begun"
It's the beginning of what looks to be the end of quite a journey for Don Cruz and his family. When asked if the house will be foreclosed on Don Cruz replied, "Yes. It will be sold on the courthouse steps, the first Tuesday of January. All I know is we ...
McLane Stadium neighbors: Game days smooth, but area's future uncertain - Waco Tribune-Herald
McLane Stadium neighbors: Game days smooth, but area's future uncertain
The Montoyas' home value has nearly quadrupled in that time, to $42,510. Meanwhile, Baylor has acquired a big stake in the neighborhood's future by purchasing more than 110 lots and residential properties, some through tax foreclosure sales. Some of ...