 We're buying a house and need to move very soon, could we rent the new place from the owner before we buy it? |
| I'm having a baby due September 1st, and we're moving to a new town and I want my daughter to be at school for the start of the new school term too... Although we've had an offer ... |
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 Advice on mortgage? |
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 Are there any houses? |
Hey all,
I was wondering are there any period houses that are in need of restoration that I can get cheap[ish]. They need to be of decent size at least 7 bedrooms. Is this possible or am I ... |
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 I have the opportunity to move into a friend's house for 1 1/2 years while he is on deployment. My rent will |
| be less than it is for rent at my apartment. But, with living in a bigger house the electric bill will be a little bit more. Is the space going to be worth it? Do you think I should go for it?... |
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 I am a first time home buyer i never purchased a home it will be my first loan...? |
| WHEN YOU GO THROUGH THE FIRST TIME HOME MORTAGE, HOW DO THEY GIVE YOU THE LOAN? FOR EXAMPLE I AM APPROVED FOR A FIRST TIME HOME BUYER LOAN, I TELL THEM WHAT I WANT MY LOAN AMOUNT TO BE, FOR EXAMPLE I ... |
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 What do i need im moving out on my own? |
| im moving into my first apartment and i was just wondering what i need and if anybody had any tips that whould be ... |
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 One of my properties is going under foreclosure because of nonpayment. What can I do? |
| i am six months behind. The lenders already told me it is under foreclosure. is there anything i can do to avoid this.? please ... |
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 Can i raising the selling price of home to cover closing cost before accepting buyer offer.? |
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 I broke my lease at my rental property and the following are the charges that I am on the line for: fair? |
Lease broken Aug 20
$1000 lease break fee--OK fair enough
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 My landlord has moved new renters in while I still have term left on my lease? |
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 Please tell me if this is a scam!!? |
| This is really bothering me now. I am selling a new house in Florida and it was listed on the internet. I got an email from a guy in the UK saying he wants to buy my house and wants me to follow his ... |
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 I rented a house 7 monhts ago and know my landlord has sold the property.? |
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 Social Security and low income housing help please? |
I am from the USA and I am currently on Social Security and so is my boyfriend we want to move to Chelmsford England
I don't know where to get info on stuff like applying for SSI and SSDI ... |
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 Can i really be made homeless? |
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 How can I add my spouse to the deed on my house? |
| I bought my home before my wife and I were married. The problem is, her name is not on the deed or mortgage, and I would hate to think how the state of Texas would complicate things for her if ... |
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 After college i plan to move some place warm but i don't know where? |
| i wanna live in california or flordia but i don't want to deal with hurricanes and forest fires. any suggestions???? and it has to be warm 24/7 365... |
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 What is the requirement for $400k home loan? |
| What is the minimum requirement to get a loan for $400,000 or any loan. I want to make sure what exact criteria that need to qualify. How long you have to work in the same company or multiple company ... |
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NyNy | Why might a home become foreclosed? |
Also, would you recommend buying a house that was foreclosed? |
 |
 
wizjp
|
Owners got in over their heads, lost jobs, delinquent taxes in some states.
If you have a good atty, I'd go; but if you were buying a first family residence, I'd pass. You just aren't going to save that much in this day and age. |
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acermill
 |
99% of the time, a home is foreclosed due to failure to make the required mortgage payments by the current owners. There is nothing wrong with buying a foreclosed home. However, be aware that nearly all foreclosures are sold 'as is', so you have no recourse against the lender after you purchase. You are allowed to have a professional inspection done so that you are aware of any defects in the property which might change the amount of money you offer. |
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TheEconomist
|
Banks foreclose on a house when the owner can't pay the mortgage payments.
Forclosures can be good bargains, but they can also be traps for the unwary. Always be sure to have the house inspected before purchase and make sure you are approved for a reasonable mortgage.
wizjp is clearly not a NYer. Foreclosures in NY can be waaaay under market value (market value in NY being ridiculously inflated compared to national averages). |
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MamaBear
 |
Lots of reasons:
1. Owner couldn't make mortgage payments (either due to illness, divorce, bankruptcy, or death in family, or just plain ol' shiftlessness).
2. Owner didn't make tax payments.
3. Values in area took a dive, and owner owed more on house than house was worth, so s/he walked.
The majority of the time, a foreclosed house will also have a great deal of deferred maintenance. If they didn't have enough money to make the house payment, you can probably bet that they haven't had the HVAC serviced, the roof replaced, etc., etc. So it's a judgement call on your part if you are willing to run that risk of hidden "surprises".
Most foreclosure are sold "as is", without any warranty. You should be able to get an inspector in there (at your cost) to let you know what shape the house is in, and decide if it's worth it to you. |
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Rachel N
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A home normally becomes foreclosed when the owner defaults on the loan. The owner is usually pretty far behind on payments before this process is started.....Buying a foreclosed home can get you a pretty good deal sometimes but not always. Once the home is FC the bank or mortgage company owns the property and the sale price is about whatever the current loan amount was. For instance, say the home is valued at $150,000 but the loan amount is $100,000 you could probably buy the property for close to the loan amount!! Hope this helps..... I am a licensed real estate appraiser if you have any more questions. |
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diamondeyes
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u didn't pay your morgage for six months. well i would say no. where i live when ppl are a bout to get kicked out the tear up the house |
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crazyem
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The bank forecloses on the loan because they have determined you are unable or unwilling to make the payments. There are many reasons why someone would fall behind. Keep in mind that a bank is not going to foreclose just for late payments, or even for missing a payment. It'd be significant money owing over time. |
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iceman
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People foreclose on homes for a number of reasons. The reason is because they cant afford to make their monthly mortgage payments to the bank anyomore. There are many reasons why that might happen.. like..
Divorce, medical problems, death of family members, loss of job, higher interest rates on adjustable mortgages.. and the most commen reason..simply getting into a home you couldnt afford to being with.
As far buying a foreclosed home.. sure why not? As long as the price seems fair. |
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shadowsthathunt
 |
Foreclosed means that the house has a lean on it... or the owners could not pay their bills so the loan company is going to come and take it away. Buying a forclosed house is fine, and sometimes less expensive than one that is not because the finance company or the owners want to dump the property as soon as possible as not to loose any more money. Good luck house hunting!! |
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Sparkles
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A foreclosure is when the bank has repossessed a home or business property for inability to pay for the mortgage. You can get some good deals. Some banks sell the property for pennies on the dollar. |
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sortaclarksville
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Homes get foreclosed on when the buyer quits making their payments.
I would pass on buying one. If it is in good condition, then the bank is going to want market value for it, not just what the balance of the loan was. You may be able to buy one for cheap because the bank is only wanting to get their money back out of it, but it is going to be in bad shape and require some repairs. Unless you are able to do the repairs with free (ie your own) labor, then you aren't going to save any money. |
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Ben H
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because people don't pay there morgages and yes buy one its a good way to get a good price on a house |
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Little Birdyâ„¢
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A home goes into foreclosure when the tenant can no longer pay the mortgage. Its fine to purchase a foreclosed home. |
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