Asked by Justin Baughman, 97470 • Sun Apr 5, 2009
In short, I'm deploying next week and will be gone for the next year. I'm currently in the Army National Guard. A battle buddy of mine suggested that I look into buying foreclosed homes, stating that I could possibly buy a home for as little as $10K. For one, I need to know if this is true. For two, I've been doing A TON of research with no clear answers and only more confusion. If a bank forecloses on a home, they can only ask for what is owed, so if an owner defaults on a $150K loan by only say $15K then the bank can only ask for that amount. With that, would someone like me be ACTUALLY getting the house for $15K (using as an example). OR, is it to pay off the loan and the new owner would be liable for all tax liens placed on the property and second and third mortgages? I basically am looking for my first ever home for myself and my wife and need some SEVERE guidance.
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