Upcoming Foreclosures - Hud Foreclosures For Sale Knowledge Base

Hud Foreclosures For Sale Knowledge Base

what website can i go to to look at hud homes/ foreclosures/ homes for sale for free?

What is the difference between forclosure,REO and HUD? I visited a site and it said it has foreclosure houses for sale,but I realized that all that houses are HUD homes.I visited another site that said that they have foreclosure houses for sale and all houses were foreclosures.Are foreclosure houses and HUD houses the same.Where can I find REO houses for sale?

Short sale or foreclosure? HELP!? My husband and I purchased our home 5 years ago in a family friendly neighborhood. Since that time, we have watched as several neighbors have walked away from their homes......leaving several foreclosures and new HUD homes in our area. Within the past 5 years, the neighborhood has become extremely rough and crime laced. We owe 60,000 more than what our house is currently worth.....that's how much our neighborhood has changed. We are fed up and not sure what to do. We have three children and want a safe area for them. Investment wise because we are in our mid 30's I see staying as a huge loss. What do we do????? Walk away like everyone else, or do a short sale?

have a rental property,need to short sale or foreclose,advice please!? We have a rental that will be empty at the end of Feb,our tenant cannot afford the pmt any longer.We aren't making any money off him,just paying the mortgage on it,and although he has been a good tenant,he almost moved out back in Sept/Oct due to money problems.We can't do anything for him as far as lowering the pmt,since as I said,we aren't making a profit and I don't see the mortgage co. doing a refi on a rental to save about $40,which won't help him at all.We can't even afford to cut $100 or so off the rent and carry him for it,we couldn't pay our own house pmt if we did! It's very nice inside,due to all the remodeling,but would still be a short-sale,though,due to the market and the fact of it being an older,albeit nice,mobile home.We outgrew it and couldn't afford it,so had to live with family while we saved money to put towards a new place.The thought of renting it out again after he leaves is scary.We didn't want to do it the first time,but felt like we had no choice,the market being the way it was,etc. He just happened to be in the right place at the right time,with enough $$$ to cover rent and the pmts that we were behind,with the understanding that it was NOT a deposit and he would NOT be getting any of it back if he broke the lease.We have offered him 45 days to leave,rather than the standard 30,since that will make up for the money he put down towards it,thinking to eventually qualify to buy it through assumption (it's FHA) of our loan or get his own loan.I don't know whether it's better to try and get a short sale approved (upside down 20-30k,is my best guesstimate),let it go into foreclosure (credit is shot anyways)or do a deed-in-lieu,if we can.We have been advised by a realtor friend not to try for a short-sale because of the market here,plus he says the lender WILL sue us/obtain a deficiency judgement (our state does permit them)BUT, we do have PMI because of it being a HUD/FHA loan.We know we aren't going to make any money off the sale,and we don't care. Our main concern is-#1 ,taking care of this in a way that will satisfy the lender so that they won't sue us fit to break us/cause us to lose our current home,which we are buying through owner financing and worked very hard on just to make it livable.We can just make the pmt here now,with our income and only b/c OUR landlord/seller is VERY good about letting us split the pmt,whether it's 50/50 or 60/40 from month to month.He can do that,b/c it's his,free and clear.If WE had an extra $100 to comfortably spare we would cut rent for OUR tenant and spot him that $100,at least for a little while.(I don't think they can't take our new house from us/put a lien against it,b/c it's not in our name yet) #2,letting the house sit vacant while it's up for short-sale/foreclosure,since it's not in the best neighborhood. We don't want to be responsible for damages/vandalism,but we are not going to let our tenant have a free ride.We already told him that if he is indeed moving,use the next 45 days to save up all his money towards his new place.We told him we do not expect rent during this time( if he can't pay the Jan rent,why would he pay Feb and still have money towards a new place,right?),nor will we come after him for money when he leaves after the 45 days,so long as he doesn't damage/trash the place.Is that fair?We think so.We don't want the stress of renting to someone else after he leaves,being a month or two behind b/c of our current tenant NOT staying current,with the mortgage co. breathing down our necks,or sticking it to any new tenant,which I feel is just not right.We realize we've made some mistakes,but this was our first (and hopefully last!) experience as landlords.We made sure we weren't committing 'buy-n-bail' before we ever signed the papers for his rental/lease agreement,or the papers on our new house,we made sure we had him signed as a tenant,moving his things in,before we moved all our things out,so they couldn't claim we were abandoning the property. Should we let him stay there.and just be one month behind,gradually trying to catch up,hoping he can keep up?This is,after all,the second time in 6 mos.,and while we've been in his shoes,it's too nerve-wracking to keep doing. Should we keep him there,for the sake of having the property occupied and hopefully deterring damage/vandalism? We don't want to let him squat in it,just saving money towards a new place,nor do we feel comfortable collecting partial payment for a place that will be lost or sold eventually anyways.We know we can't be the only people in this sticky situation,but it feels hopeless and stressful,like we are doomed no matter which way we turn.It was a win-win situation in the beginning-we got to move in with family and save up for a place we could afford,he got to rent a place that was $50 cheaper a month,with a 2-car garage and

What is the difference between a foreclosure and a HUD home? I have been looking for house for sale on the internet and have come across foreclosure and HUD homes. What is the difference?

I'm trying to buy a house in IL...why is it so difficult? Foreclosures/short sales? I have been pre-approved and have contacted 2 real estate agents. 1 helped me put in an offer on a foreclosure and then never contacted me again to tell me the outcome or to even assist me in buying another home. The 2nd one met me at 3 properties (foreclosures) and the one I wanted to bid on (hud auction) she refused stating it would just end up going well over the list price which was then over my approval amount (identical home just went for 30K less). I've mentioned a couple of others well below my approval amount and she just replies that those are short sales and will take a very long time to close. Then, she sent me 6 old handy man specials to review in my price range when she knows I want a newer house. I then emailed 3 agents from the HUD website to bid on the auction house and none replied. Any suggestions on where to go from here and what is the major problem in trying to buy foreclosures/short sales?

Has anyone bought a HUD house, need advice? I would like to know if anyone has bought a HUD foreclosure home? What is involved in the process and is it hard getting banks to finance the purchase? Also, has anyone ever bought a foreclosure from the court house(sheriffs sale)? How would I get financing for that when you have to bid on the property? Im new at all this and my first purchase will be for myself to live in. Any info is greatly appreciated.

Short Sale Vs. Foreclosure Vs. Keeping the house? So here's the situation: My husband and I bought a house with an FHA loan July 2008. It is our first home. We were both working at the time and could afford the house. I quit my job in January this year so I could stay home with my kids and my husband was laid off from his job the next month. He was out of work till June which caused us to get behind on our mortgage. We are only caught up to July on our payments. I called HUD for assistance before we even fell behind one payment. I submitted an application for the modification in April with our previous lender who was Taylor Bean & Whitaker. They went under a few months ago so our loan was transferred to Bank of America and when I called to check on the status of our modification they said they had nothing on record showing we submitted an application so they made me resubmit one. I have since called and checked on the status of the application several times and have been told every time that it is still in review. I don't understand what's taking so long and I'm tired of being shoved off every time I call. No one wants to help. I know with us having an FHA loan we should be getting more help than we are getting. We received a letter of default in September and it expired in October so I know the next step is foreclosure. My question is would it be better to walk away from the house and just let it go into foreclosure, do a short sale, or try to keep it and wait to see if the modification comes through. The only thing is, our house note would have to drop at least 400 dollars a month so that we could afford it because my husband isn't making what he made when we bought the house. Also he was just told today that he would be getting laid off from this job January 1st. He works construction.We can't afford an attorney or we would probably go that route. We are young so we don't know what to do. Any advice would be appreciated.

Buying first house at 23; foreclosure, HUD, any tips? Hello, we are going to be buying our first house at 23. We are both completely ignorant to the process. This is what I have gathered so far: 1) Get pre-approved. Will this give us the option to obtain the mortgage with whoever we want or will he be locked into one lender? How likely is this pre-approval to get "readjusted" as we go on? 2) Look for houses. What is the difference between buying regular, HUD, foreclosed, or short sale homes? We live in an area where almost every house for sale is a short sale or foreclosed; does this affect us? What should we avoid? 3) Hire an inspector. If there are any issues with the house (electrical, plumbing, etc) is it the current owner's job to fix it or we simply decide if we want to take the risk of buying a house with problems? Of course, we would prefer to buy a house that has a clean inspection, but I don't know how specific these inspections get. 4) Should we have a realtor? How does this work? Sorry if these questions are too broad or seem redundant, but I want to make sure this is done right. We have good credit, no blemishes, and make good, steady money (and have for the last 1.5 years since we moved to the area). Sounds like it's better to stay away from foreclosures, short sales, etc. What about HUD? And is there any recourse if the inspector doesn't find or note something, so we buy the house, then find out about the problem after the fact? @ "Noodle:" Emphasis on "Renting" lol

My hubby bought a house before we married. This house is currently in foreclosure. Can we purchase a hud cash? If we purchase a HUD and pay cash up front for it, will the lenders of our old house take the paid off HUD house? FYI - The house that is in foreclosure is in hubby's name only - The plan is for ME, not hubby to purchase the HUD home and pay it in full upfront so that we will not have to worry about a mortgage. So that it will be in my name, not his. - Our current home is up for a short sale but could be given a foreclosure date any time. Our hope is that it sells before a foreclosure date is set. - I am sure some of your are wondering why we will not take the cash that we have and pay up the mortgage on the current house. We do not have enough but we did try to send what we have. Because it was not the full amount owed, it was sent back. - Why are we in this situation? The same reason why many other folk are in this very same situation. Layoffs, jobs not hiring, the economy, etc. To sum up my question, if I, being the spouse of my husband, purchase a HUD house in MY name, will my husband's lenders try to take the HUD house simply because we are married during this foreclosure IF the short sale does not happen in time??

Where can I find a real estate agent that sells pre & foreclosures in Washingon D.C. metro area & Norther VA? I've been told to go to a local court house, if its true, what do I need to bring? do they have it online? I have bad credit and I know I won't be able to pay the $250k and up in this area, but I can't stand living in a room with my husband at my sisters house anymore!! I've looked into HUD homes and went to vhda.com and I wanted to talk to some agent and see the tax sale properties or pre or foreclosure homes. Thanks for any info you can give me!

What's a HUD case mean for a house listing? I found a house listed for sale online and it says it's a HUD case, does that mean it's really crappy inside? Or does that mean it's owned by HUD as opposed to a bank like a foreclosure? How does a house become a HUD house?

Why is Bank of America so difficult to deal with when it comes to modifications, short sales, and foreclosure? Last October, I began the process of attempting to get a loan modification from my mortgage holder, Bank of America. I was told on more than one occasion that I qualified for a modification, only to later be declined for one reason or another. I hired a company to work with the bank on my behalf to try to get a modification done. They were forced to jump through hoops, with no results. (Good thing I didnt have to pay unless they got the modification.) Then, in the end of January 2010, I lost my job and made the decision to list my house as a short sale at the end of February. The paperwork was submitted to the bank by my agent and soon an offer was made and subitted as well. I was told the trustee sale was on hold, due to the short sale. Then, 3 days before the scheduled trustee sale date, Bank of America canceled the short sale and never notified me or my agent. It wasnt until the middle of April that my agent was notified that the property was foreclosed on 3 weeks prior. Oddly enough, the same week I was told this, I received a letter from Bank of America stating that I didnt qualify for a loan modification and they recommended I do a short sale. I made several calls to Bank of America, FHA, and HUD to try and get the foreclosure reversed so the short sale can proceed. But I had not luck. After accepting the fact that I lost my house to a foreclosure, I asked the bank about the cash for keys program. I was told that I didnt qualify because I am the owner. I called HUD, the new owners of the property, and was told that I do qualify and that it should be offered. I contacted Bank of America again, but got the same answer from them. HUD is now looking into it for me. Do I have any rights? What else can I do? Why is Bank of America like that?

Distressed Real Estate Info by City? Anyone know where I can find reliable data about number of homes abandoned, in bankruptcy sale, in foreclosure, by city nationwide? I'm certain HUD has the info, but government organizations' websites exist for PR, not to make info available. Help! Thanks.

Finding info on house from mortgage company...how? Theres a house for sale, its a foreclosure, FHA Hud. There are signs on the house say contact realtor for more info, realtor says house isnt tech up for sale yet. So I found the person that owned it (he has died), and went to the courthouse and got the mortgage company that now owns the home. How do I contact them and ask for more info, price and everything? Also the courthouse says the mortgage company is CitGroup Consumer Finances. How do I find a # for them? Do I just call Citi bank? Is that the same? Im kinda confused. Need help!!! Anyone that know anything on this??

Mortgage down payment help? After many years, a house that my wife and I love has finally come up for sale. It is a HUD foreclosure, and it is $16,000 cheaper than it was the first tie it was for sale. My local bank will finance all but $1,300. My problem is that while the monthly payments will be around $100 cheaper than my current rent, I have no savings. My total cash payout at closing would be about $4,500, all of which I don't have. I read that the government no longer allows "charitable" help with down payment/Closing costs. Does anyone know of any other sources for help?

How can I find houses+view info on them(for free) that are foreclosed/vacant,left for start bid$1.00+auctions? Please help me with Free information on everyday Tax auctions, foreclosures, gov., bank owned, abandoned, HUD, house/ home/ land/ property sales (free online sites and/or places to find out/ view/ get Listings)???? For areas: Livingston County and/or Monroe County, New York (USA).

How can I find out if my apartment complex is going to become HUD Section 8 housing? Two years ago, we bought a condo in a complex that was flipped from apartments to town homes. This is an an area of town that was undergoing a re-vitalization. We are bordered by two nice apartment complexes, but also two section 8 neighborhoods (that are quite bad). The developer told us that the other complexes were going to flip into condos and that the section 8 neighborhoods were going to be relocated and homes built on that land. Since the market has flopped, about half of our units are for sale and another quarter are in foreclosure. With the recession, the whole re-vitalization scheme has been halted. The section 8 neighborhoods are worse than ever; and we just found out that one of the nice complexes next door that was going to be flipped is now actually turning section 8. We've started hearing rumors that our complex is going to be designated section 8 as well. How can I find out if these rumors are true? who would I talk to for a straight answer? Forgot to say - our Homeowner's Association Manager is completely untrustworthy. I can't ask them and expect an honest answer. Really stuck here... isn't this sort of thing made public ?

Offer accepted on HUD home yesterday. Is it too late to cancel the accepted offer? After a year of searching in upstate ny, our offer was accepted on a hud home yesterday. It needs a lot of work. Today, I spoke with my mother about it. Then she showed me the house of our dreams on a realtor web site. It's a short sale. It's the same price as the foreclosure, it does not need a lot of work, and it's perfect for us. The problem is that I had already accepted the offer and made appointments to meet with everyone for next week. I have appointments to meet with the lawyer on Monday & meet with the inspector, contractor and loan officer on Thursday at the house. Is it too late to change my mind? Should I just go through with the inspection and see how serious the repairs are? Would it be too late to back out even then?

foreclosed and bank short sales. Where do I get the info? I would like to know where to get information regarding available property from foreclosures as well as bank, and HUD. Everywhere I look, someone wants me to sign up for the service. thanks

What are "proof of funds"? My realtor said to bring proof of funds from my bank with me tomorrow so she can turn it in with all the paperwork to the seller (I'm purchasing a HUD foreclosure, and there's lots of red tape). She said to bring it for the total amount of the sale, but I though proof of funds was just to prove that you had money in the bank for the earnest money, down payment, and closing costs. I don't have the entire purchase price available in cash, but I do have a pre-qualification letter from my bank for twice the amount of the purchase price of the home. Is my realtor mistaken or am I?

I need advice on foreclosure in TX? I have a home in TX that I have lived in for the past 7 years. I owe more than it is worth so there is no equaity in it. Due to illness and reduction in income, I am finding it harder to make the monthly payments. It is a HUD loan. I have talked to my mortgage company about loan modification, short sale, and deed of leiu and they will not seem to work with me. My monthly payment is $1000 and I had several realtors tell me that I can rent it for $650 per month. It is a small home and there are so many foreclosures in my neigborhood. My question is if worse to comes worse and it foreclosues and if the mortgage comapny files a deficiency judgment against me, can they take from my bank account and take my income tax returns? I already know that there will be a balance left over. Will bankruptcy help? I have no other major credit card debts. It is a FHA loan. I am not sure if HUD and FHA are the same but is a FHA loan. Thanks. I also forgot to ask if my wages can be garnished from this. I do not want to foreclose but it just might happen. I am already trying to work 2 jobs because my children love our home but it just might happen.

I am really interested in buying a foreclosure but do not know which way to go. How do I get started? I have been interested in foreclosures for the longest time but never decided to research further or take advantage of the market. Because it is a good time to buy I was hoping someone out there can offer some advice (in addition to the recent research I've been doing). Because I don't know much about the process I will throw around a couple terms I've heard lately: REO, gov't tax lien certificate sales, title & bankruptcy search, property inspection, and HUD foreclosed. I wanted to try a tax lien certificate but after doing research I'm seeing that this may not be the best way for me since I am so inexperienced. What is the best way for me to purchase a foreclosure and how do I get started? How long does the process generally take? Is there a way that I can see the property before bidding at an auction? If a property is a REO then I should be able to see the property before purchasing, right? Last question, When can I get the property inspected and a possible appraisal (before or after the property is bought)? Whomever reads and answers this question, thank you in advance! I know this is a long question but I am serious about buying a foreclosure and doing the research necessary to attain this goal. Thank you.

Should stimulus funds be used to allow developers to buy foreclosed houses? The stimulus provided $2 billion for HUD's new Neighborhood Stabilization Program that provides funds to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. These funds are in addition to the $3.9 billion provided for the same program in the Housing and Economic Recovery Act of 2008 (enacted last July). While HUD has yet to distribute the $2 billion provided in the stimulus, a recent review by the Los Angeles Times of a similar program launched in 1998 indicates what kind of results we might have to look forward to: Congress launched the program in 1998 to clear the Department of Housing and Urban Development's books of foreclosures and provide affordable housing. Local governments would buy the homes for $1, fix them up and resell them at a discount to poor families, who would get a chance to put down roots in the community. More than 2,300 homes have been sold by HUD for $1 each nationwide, with 326 in California. Nearly half of the homes in California were bought by companies or individuals who typically resold them at a much higher price. The city of San Bernardino bought more Dollar Homes -- 62 -- than any other city or county in the state. But San Bernardino officials could not provide The Times with any account of what happened to the homes after they were sold. Using county property tax and assessor records, federal bankruptcy files and real estate listings, The Times tracked every property sale to San Bernardino under the program since 2000. Among the findings: * At least 43 of the 62 homes were sold to housing contractors and investors. Within months after purchase, nearly all were resold, and for an average of three times the original sales price. Despite their track record, San Bernardino received $8.4 million from the first $4 billion for the Neighborhood Stabilization Program. Source: http://www.latimes.com Great use of stimulus money yet again!

please help foreclosure!!!!!!!!!!!!!!!? my father in law just recieved a notice of trustees sale posted on the front of his house today. the sad part about he had the money last month to pay off he deliquiency. at the time of calling the bank they offer him application for a partial advance claim through HUD. and they said that they would be able to help him and he wouldnt have to pay the bank.so he excepted. he been late on his payment for 4 months now.he did have the money to pay the bank. i understand that ther is several of ways that the bank can help out. modify,repayment etc but he had the full amount to pay them back. here we are 1 month later getting letter from attorney's office to get some paper work to them in 20 days we called the lender they said dont sign anything your application is in process.well this form that the attorney wanted it arrive to his house with only 10 days left as of yesterday. today we walked outside and found a notice of trustee's sale on the garage. i dont understand. is the bank trying to help my father in law their really keeping out in the cold. this crazy.can anyone help. he called the bank and they told him to call his analist that has the application and her voice machine says there is a high volume of application unless yr home is two weeks from foreclosure leave a message. im really scared banks really can fool people around it happened to my brother they really gave him the run around he lost his home.someone help please.

Foreclosure: do we have to pay income tax on the whole amount? I have a tax question. We now live in Michigan but our January 2008 foreclosure was a property in Utah. We were unable to sell it and had to let it go back to the bank. They told us that it would be auctioned and we would get a 1099 tax form for the short sale amount (their loss). They were unable to auction it off, so we got a tax form for the ENTIRE amount of the mortgage, as if this is income! On top of everything else we have been through, are we gonna have to pay tens of thousands of dollars on this? The property became a HUD home and now belongs to SOMEONE... why should we have to pay tax on the property amount as if the whole thing was our income? This is so screwed up and unfair. Plus, we had mortgage insurance, so how on earth can they say that this is our income?? The mortgage insurance is in place to pay off the bank in case of default! Please, no ignorant comments. We TRIED to save this situation but we were victims of an unfair mortgage like many others, PLUS my husband suddenly became disabled and unable to work while I was very pregnant with our 3rd child in a very dangerous pregnancy. We had to move out of state to save our family and were forbidden by the bank to rent out the property, which was worth $30,000 less at the time than what we paid for it 5 years previously. We had a pile of medical bills the size of a mortgage and had to move in with family for help with this difficult situation. So to anyone wanting to post some snarky remark about paying bills, don't. The last thing we wanted was to end up in a situation like this! If there's anybody out there who can help us with this tax question, we would appreciate the input or advice. We are having our taxes done Monday so I guess we will find out at that time, but we're extremely anxious about the situation and any information will help. Thank you. Thank you, Jss and Stephen for your helpful answers! I will print out the links you gave me to bring to the tax accountant. The cancelled amount was around $75,000. I only earned $23,000 last year (husband $0). Yes, we lived there for 5 straight years and it was our primary residence. I have high hopes that we might come out of this unscathed, or at least just a bit singed. Thank you from the bottom of my heart for the helpful and non-judgmental information. Stephen - I do not know what insolvent means but it sounds pretty serious so... yeah, we probably were/are insolvent. We didn't go through a bankruptcy though, just hell. Travelguruette, we did not refinance. When listing assets and debts... as of when? At the time of the foreclosure we had a WAY negative net worth. Today's story is a bit better. But we're talk ing about last year. I think we have a reasonable assurance here that we will find some mercy at the end of this tunnel. Thank you all so much! Marisa... you make yourself look bad when your message is spammy and self-promotional, when your network and Q & A are suspiciously "private" and YOU are set up to make money off your web site. I'm not stupid! Find other ways of advertising your scam!!!

Why do they make it so difficult when we already want the house? Ok this might get long, but here goes. We found a house that we love for a great price. It's a foreclosure that has been recently "sold" twice but sale could not be completed because the title hadn't cleared. We have been informed that the title is positively clear now. We have also gone and gotten pre-approved for a loan. The house is not perfect but it's just a bunch of little things that we can fix like trim work, etc. Anyway, the loan officer at the bank told us that in order to qualify for first time homebuyers which would be the best because of no money down and the $3,000 "gift", they would do a strict inspection inorder to follow HUD guidelines. The realtor said this house would not pass because of siding missing in a 2 foot area and a drywall crack inside, and other minute things. We would qualify for a traditional loan but we would have to come up with $8,000 right away. We want to do first time home buyers but it's up to whoever bought it to foreclose to let people fix things or not and the realtor doesn't think that they would let us in to make the repairs on our own dime to insure that it would pass the inspection. Isn't that ridiculous?! I mean we already want the house and you would think that they would want to sell it. and with first time home buyers our payments would only be $30 more a month than we are currently renting our black mold infested rental house for. My question is why won't they let us in to fix the little things so that we can qualify for the loan that we want? It doesn't even cost them anything. In order to do the traditional loan my spouse would have to cash in his 401K and then we would have to find $4,000 somewhere. Is there any way we could bribe the inspector or something so we can make the small repairs and still pass inspection? Advice? I asked this in the real estate section and here because I am 24 weeks pregnant and want to move from this rental house because of mold and plumbing problems and I know people here are helpful. Thanks :-) Thanks for answering. We could not afford more than this house for what it has to offer. The house is $59,900 and has over 1400 square feet and is large enough for us. Other homes at the same price are run down and tiny and LOOK like $60,000 houses. This is a great house for the area we live in and would only be $30 more a month than we pay now in rent.

Im deciding to let my house just go into full foreclosure, what should i do? We are struggling as it is, and this will be the 2nd time that our house has faced foreclosure. The 1st time we ended up doing a "mortgage modification" and it tacked on another $5000 to our mortgage, that was 2 years ago. Jobs have changed and money is tighter than ever..(gas,kids ect..)we are approaching the last month before the foreclosure stuff is in the "no turning back" stage. The house is not in a good neighborhood and there is NO WAY we can sell right now in this market and get anything out of it..(not much equity and 4 houses have been up for sale for 2 years just on our block alone) We are seriously thinking about either just letting it go, taking what money we have a runnin with it or seeing if HUD or the mortgage company will buy it back ect..I dont know what our options are, and at this point I dont care about the credit aspect. Im asking if anyone may have been thru this and what they've done or if anyone may have suggestions on what my options are...I want out:( its in Flint Michigan so you can just imagine how many houses are up for sale or empty...every lightpole has a "we buy houses" sign but im hearing alot that thats a scam im sorry jersey G..its hard times everywhere:( and its getting ridiculous!everyones advice is greatly appreciated especially bensells...Im going to keep this open to see what else I can come up with...its unfortunate that there IS a decent paying job in the home and it only gets gas in the car,bare minimums to keep utilities on and $50/week for food for 4 people..and still cant pay the rising mortgage..oh and read the article realitor guy,unfortunatly it makes no difference in my situation...but I still appreciate the thought

If we default on an Calif FHA loan for purpose of 'strategic foreclosure', what are long/short term impact? Originally purchased Manufactured Home in 2000 in California. Non-predatory lending, put 5% down for 120,000 home (3BD/2BA). We refinanced for lower (fixed) rate in '08, w/ payoff of 3 credit cards & some cash out. Current loan balance is $170,000... but other manufactured homes are Short-Selling for $75K or less... and some are selling REO at $14,000!!!! At this rate -- we know we won't see recovery for 30+ years (we won't live that long). We do NOT qualify for Short Sale (we tried), bank will not lower rate (which isn't really the problem). We technically CAN afford our monthly payment -- HOWEVER, our home is on a Land-Leased program, where we pay IN ADDITION to the mortgage..... $650 per month!!! Since we are approaching our 10 year mark living here --- the Land Lease is jumping UP to $924!!!! We have 5 kids (ages 14 - 4) and we feel like we are throwing GOOD MONEY at BAD. We know the 7-year rule about credit damage... but frankly - that is easier to swallow than 30+ years... and leaving a burden for our children. By foreclosing and choosing to RENT -- we can save money for our kids college education... rather than throw underwater-mortgage money PLUS land lease rent away each month for something will will NEVER own. Refinance was 82/18, so it is FHA technically. Bank will recoup from FHA, but can/will FHA/HUD seek DEFICIENCY JUDGMENT since government programs are not bound by Calif Law (ie, non-recourse)??? Thanks so much!! FHA does not do refi's? Then, why are my Loan Docs on HUD forms, and why do I have MIP (mortgage ins premium) taken each month? I think I find my answer: http://www.foreclosureoptionsnetwork.com/index.php/news-blog If a homeowner refinances the property with a new loan this then becomes a recourse loan. Often with a refinance there is an equity withdrawal sometimes called a "cash out" refinance. A recourse loan means that the bank or lender now has recourse from the homeowner. In the state of California the bank or lender typically foreclosure by Deed of Trust or Non-Judicial foreclosure. Therefore the 'recourse' isn't typically pursued with a Non-Judicial Foreclosure for a lender in first position, even with a 'recourse' loan.

Mortgage: Does Anyone Know Who Owns What? Now more than ever, I feel for some of those people who are trying to buy a foreclosed home. What a MESS! My home was purchased (I THOUGHT) via a broker representing my states housing authority. Everything I walked away with after closing in 2007 states my mortgage was with XYZ Mortgage Company. It was explained to me that the mortgage company was a representative of my state, and the mortgage company got X% for brokering the deal and my housing loan is backed by state sold bonds. At NO time from first contact to closing did I speak with anyone from my state’s housing authority. Because there was no realtor involved, the XYZ Mortgage Co. representative went to the closing with me, as the sale was between me and the original owner of the home that built it in 1949. If you look at the forms used at closing (Purchase and Sale Agreement) it states at the top US Dept. of Housing and Urban Development (HUD). It mentions HUD on several other forms also. At the bottom of most forms it states "Single family-FannieMae/FreddieMac. (I have since learned that these are standard across the board forms that are used 95% of the time and in no way means I have a Fannie or Freddie backed mortgage. Before the first payment was due, I received the little payment coupon book from my states housing authority. I’ve made every payment since 2007 to the same state housing authority address and I’ve never been as much as a day late on a mortgage payment. Cut and dry right? No. I received my copy of my 2010 city/county housing taxes last Saturday the 23rd (the housing authority pays the taxes as it is included in my monthly mortgage payment). The tax statement is very detailed, right down to the $8.00 a local technical college gets. 2010 city/county taxes did not increase at all this year (they did that last year) . Here’s the problem, and the reason for all the details. This year my tax notice states “Land America” is my mortgage company. Who the heck is Land America? My first call was to the tax office. The tax lady stated when they received the notification of change and suggested I call the state housing authority since they cash my check every month. I gave up hope after three days of getting a call back. Today I finally got a real person, not a receptionist, a real customer service person! Gave her my name, address and account number (in other words she had all my information in front of her). Something smells funny here. The answer to who is “Land America”? {Pause} Miss Jones, please give me your number and I’ll get back with you. I was polite and gave her the info she requested (even though she had my whole life story in front of her). I googled “Land America” and found out on November 26, 2008, LandAmerica Financial Group, Inc. and/or LandAmerica Exchange Services filed for Chapter 11 bankruptcy. On December 22, 2008, Fidelity National Financial, Inc. directly and through its underwriting subsidiaries acquired LandAmerica Financial Group, Inc. If this is the same “Land America” how the heck did Land America get my state housing authority mortgage? I purchased the house a whole year before Land America filed for bankruptcy, why didn’t I make payments to them? I’m really nervous that at some point I’m going to have to prove this is my house, or someone is going to knock on my door and serve me with foreclosure papers. I always use my banks bill pay service to make my payments, so proving payments is no problem. I know this is a lot of information, but maybe someone out there has gone through the same situation. Wouldn’t state bonds keep the mortgage in state, or do they bundle the bonds and sell them? Is it possible that my mortgage has been passed around more than a whore at a plumbers convention? Thank you so much. One point I left out. My state was declared a "Hardest Hit State" and the federal government is pumping money in like it was water. Does that make a difference?

what website can i go to to look at hud homes/ foreclosures/ homes for sale for free?

Why do they make it so difficult when we already want the house? Ok this might get long, but here goes. We found a house that we love for a great price. It's a foreclosure that has been recently "sold" twice but sale could not be completed because the title hadn't cleared. We have been informed that the title is positively clear now. We have also gone and gotten pre-approved for a loan. The house is not perfect but it's just a bunch of little things that we can fix like trim work, etc. Anyway, the loan officer at the bank told us that in order to qualify for first time homebuyers which would be the best because of no money down and the $3,000 "gift", they would do a strict inspection inorder to follow HUD guidelines. The realtor said this house would not pass because of siding missing in a 2 foot area and a drywall crack inside, and other minute things. We would qualify for a traditional loan but we would have to come up with $8,000 right away. We want to do first time home buyers but it's up to whoever bought it to foreclose to let people fix things or not and the realtor doesn't think that they would let us in to make the repairs on our own dime to insure that it would pass the inspection. Isn't that ridiculous?! I mean we already want the house and you would think that they would want to sell it. and with first time home buyers our payments would only be $30 more a month than we are currently renting our black mold infested rental house for. My question is why won't they let us in to fix the little things so that we can qualify for the loan that we want? It doesn't even cost them anything. In order to do the traditional loan my spouse would have to cash in his 401K and then we would have to find $4,000 somewhere. Is there any way we could bribe the inspector or something so we can make the small repairs and still pass inspection? Advice? ADD: when we went to the bank she said we would have no problem getting the loan but the realtor needed a pre-approval letter to move forward with things. They have to comply with an inspection too, just not as detailed. And this house was perfect because of all the repairs that the previous owner made. It was appraised at $74,000 and is listed at $59,900. He did about $150,000 worth of updates and then lost his business so he had to foreclose. So it makes sense to keep throwing away money like we have been for the last 6 years to renting? I'm 6 months pregnant and don't want my son to have to live in a house with black mold. But we have no other choice but to stay here if we cannot get this house. We live in a small population. Another house that's $60,000 will LOOK like a $60,000 house. Tiny and in need of lots of repair. we have seen the inspection reports and they are all good. The house has been winterized before last winter and plumbing,, electricity, and heat all run well. That's why we wanted it. Everything is done except for minor cosmetic things. ok...we do not live in Los Angeles, CA..we live in a little tiny town in the state of South Dakota. EVERYONE lives paycheck to paycheck here because pay is around $8-$12 an hour and that's JUST HOW IT IS. People that make that amount DO buy houses here. and they make it successfully but no, most people up here cannot just pull $8,000 out of their butt at one time.

Does a lender have the authority to assign a Security Deed 5 days prior to the actual closing? The assignment for the Security Deed was witnessed and notarized on August 12, 2005 the Security Deed was not signed until August 17, 2005. The closing was walked away from but the deeds were still recorded. I bought the house through a HUD program but now the company assigned the Deed to a Deautsch Trust which is foreclosing on my property through their servicer Chase. They are claiming the Deeds created at the closing that was walked away from are attached to the house. I have a Special Warranty Deed for the property have paid the taxes every year myself, have my own house insurance, own title insurance, etc. I provided this all to Chase and they responded with a copy of the Security Deed from the walked away from closing with my special warranty deed number written on it (it was not recorded with that information). Chase foreclosed on the property and the house would have been sold on Sept 7, 2010. I filed bankruptcy to stop the foreclosure. During the bankruptcy the offered the assignment as proof they were eligible to foreclose but the assignment was not recorded. In January of 2011 they recorded the assignment with another signature on the witness line and still the same notary signature and still dated August 12, 2005. We have evidence that in December in the bankruptcy court the assignment only had one witness and a notary signature stating that on August 12, 2005 a Security Deed was being assigned to the Deautsch Trust. Now there are two signatures on the assignment and still only one notary stamp. Wouldn't this be falsification of documents. Originally the document said one person signed as a witness and was notarized we have a dated copy from the bankruptcy that shows this was issued to the court in December of 2010. We also have a copy of how it was recorded in January of 2011 with a second signature. Wouldn't this be relating false information (that there were two witnesses attesting to the assignment on August 12 when really there was only one and the second signature wasn't added until 5 years later) Would a judge look at this as a valid reason to cancel a foreclosure sale? Would they just specualte that the assignment was just "prepared in advance" even though the documents were recorded to be true and accurate information. If I don't dispute the date of the 12th and they can't dispute the 12th because they recorded it as true and correct information can the judge just speculate on their behalf that the assignment was done on the proper day and that it was just "prepared in advance" or must he go by what the document says since the lawfirm for chase recorded it as correct being the 12th and I am not disputing the date of the 12th but that they wouldn't have the authority to assign a deed they did not own at the time of the assignment? If there is no dispute about the date of the 12th made by use does the lawfirm or the judge have the authority to assume and presume that the assignment was done on any day other than the 12th? If the lawfirm tried could i just say speculation (there are no facts in evidence to support any date other than the 12th) or if it is the judge (would it be practicing law from the bench on behalf of the defendants ... since they can't dispute their own documents the judge will surely step in to protect his investment) does a judge have the right to cast a judicial determination on a matter that is not in dispute by either party?

how do i find a foreclosure sale to attend? i'm interested in attending a live foreclosure sale. I was wondering where do I find a listing of when/where these are held. I'm living in Northern California around the Sacramento area. I went to the HUD website and noticed those are all online auctions. Also, I was wondering about tax foreclosed properties as well. Any guidance is much appreciated!

Hud Homes Application on how to purchase foreclosure HUD Homes? How do we get on the list to foreclosure property being "Sold" Auction to the higher bidder in the state of Oregon, City of Portland, Multnomah County Courthouse Stairs "the Nod". ? In addition, who conducts the sale of said properties ?

Can we assume an existing loan when purchasing a pre foreclosure property and should we? We have looked at auction sales, REO and HUD as possible sources of a well priced home in Fort Lauderdale, Florida. Now we want to feel we are covering the range if we look at pre foreclosure property as well. If we can identify real savings to be made, is there any impediment to assuming an existing loan as part of our offer?

Which option when facing foreclosure should we consider? Discharged of BK 7-15-09. We are in foreclosure and we just received a letter from Wells Fargo informing us of their Borrower Counseling Programs-they state an application is enclosed but there was none. All we got was the letter typical of WF. They mentioned two of the options available Pre-Foreclosure Sale/Short Sale and Deed in Lieu of Foreclosure. Which costs the servicer of the loan more money and which takes the longest? Wells Fargo bought our loan and they have been nothing but nasty. At first we were just going to let them take our house, now after doing a lot of research and reading, we are certain that we are part of predatory lending and there are violations of the TILA act on our HUD-1. We want to buy us some time to make sure that Wells Fargo has the legal right to foreclose-do they actually have the original note. We live in a nonjudicial state so we would have to start legal proceedings. Any helpful thoughts would be appreciated.

where can I find lake homes for sale in minnesota lake lots? I am looking for a lake home-lake lot-foreclosure-hud home. Looking for a deal. Where can I find a place that has alot of minnesota lakes homes-lake lots-sandy lake shore-contract for deeds maybe. Not sure if I want to be up north or close to the twin cities metro area?