It can be looked up on the PVA site. You have to have a login which I can handle if you would like to give me a call. 502-371-5005 *I say the PVA because we can pull the deed copy quickest from that site without knowing the name of who purchased it.... more
They can foreclose upon the collateral, which in this case is the property, so your name is probably on the deed and they will have to transfer the deed back from you to the bank after the sheriffs sale.... more
I want to answer your question since it was directed to me, but that is a legal question and I will direct you to four different real estate attorneys to get your answer. In alphebetical order American Title -
(502) 409-4094, Borders & Borders - (502) 894-9200, English Law Group - (502) 425-8717, Wetterer & Clare - (502) 45-3030. I have dealt with all of them and find them to be reputable & knowledgable.... more
homes must bring 2/3 of the court house appraisal or there is a right of redemption. you can find the appraisal value on the www.jcomm.org website. if your home has not sold at the court house then you may have time to do a short sale or hamp. The rules have changed with hamp, hafa and short sales. Some will stop the foreclosure action. If you are not foreclosed on it is best to contact a certified agent or bank to find out if you qualify. Get your information first so that you do not disqualify yourself by listing first.
Louisville Home Store Realtors, Inc
I sell a lot of foreclosures and the best bit of advice I have is to really assess whether this is the best deal for you. Foreclosures are a bundle of unknowns and if what you do know is "as much as $50,000" you really have to wonder what else is wrong that you don't know about. This could be a downward spiral that lands the home right back in foreclosure if you don't have the reserves to offset the potential needs. Remember, a home should be a blessing, not a curse.
Please do a very detailed home inspection and make sure the offer is contingent on the results.
This is not the situation I would advise for someone who hasn't sold their existing home yet.
You can see from the different answers not everyone agrees on this issue. Basically it boils down to one simple step : has it been disclosed to the bank ? if not it is fraud.Also does it feel right to you ? Investors are not lic. and maynot be aware of all the rules and laws they just see other investors doing it and follow in thier path. I know several investors who have wanted me to work with them on doing this same thing and I have passed. New lending requirements also state you have a 3 year window after a foreclosure ( 6 mos . behind on pymts ) . I have a lease to own program but you need to be 18 months from the foreclosure date to be enrolled.... more