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Foreclosure in Freeport : Real Estate Advice

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  • Local Info5
  • Home Buying10
  • Home Selling1
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Activity 4
Mon Oct 12, 2015
Jons657 answered:
when will this house foreclose** sorry for the typo
0 votes 1 answer Share Flag
Mon Nov 12, 2012
Martin Macisso answered:
You may have some federal grants to help you, I would research those options.

Your coop should have I place a master insurance policy, speak to them first but before walking away you should look into a short sale or deed in lieu to settle the mortgage debt....you can't walk away from that. ... more
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Wed May 30, 2012
Janet Nation, CBR answered:
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
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Sat Jul 3, 2010
David Chiles answered:
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
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