Lol, the bank has defualt insurance that protects there loans on houses with less than 70 percent of equity. Along side with some other loan backer. The ploicy cost comes out of the note. In order to file they have to call the note due. Which is how you end up court. They cant file on property they dont own. So they clear the owners from the title. Sell the asset and the insurance covers the balance. Unless you want to. They loss nothing; but the more bad notes the higher risk the banks are so unless the banks lawyer doesnt show up. Best just to let them bid as much as they want to on there on stuff.... more
if the home was being sold as is and you were given the opportunity to inspect the property but you waived that, then I would think it is buyer beware. However, you should speak to an attorney to get advice... more
From a lender's perspective, bankruptcy and foreclosure are serious financial mistakes. They want higher interest rates because "history" says you are a tremendous risk. For risk, they want reward. It's really that simple.
Two years from the finalization of the last event - bankruptcy or foreclosure is the time to speak with a lender about a mortgage. Hopefully by then you'll have something put away for a down payment. If you can't pay less, you will have to earn more.
For now the question is, what you have done to re-establish your credit? If nothing, I suggest beginning a dialogue with a lender "now" to find out how to increase your credit scores.
With "not so hot" credit and inability to document income, the only way to purchase a home is cash.
If you don't have it and family/friends cannot help, you will need to do three things...document your income through bank deposits, improve your credit by paying "on time - every time," and save money for your down payment and closing costs if you haven't already done so.
A landlord should love to hear that you have 6 months paid up rent. But every landlord is different and each will have their own thoughts, just start calling and discussing everything with the homes you are interested in.... more