The Long Island Housing Partnership had such a program two years ago, I don't know if it still exists. The problem was competing with cash investors or those with a hefty down payments. Lender are certainly not eager to sit around waiting for some bureaucratic program.... more
Thank you for your question Cami. Renovating a home and selling it for a profit, also known as 'flipping,' is not happening as much in today's market because there has been little appreciation in the market.
The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.
The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.
Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.
If a homeowner does not pay the mortgage the home is auctioned
If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.... more