If buying a bank owned home, you have to do all this research before even making an offer. Many times they do not know if there are liens or such on the property. If buying at foreclosure auction, the buyer is responsible for all of them which is why the buyer must check. If you are buying after the foreclosure, most liens are wiped out by the foreclosure. A good buyer broker experienced in bank owned homes can easily guide you... more
That situation sounds like it has quite a few moving parts. I'm sure all of our first question would be, "what did your attorney say?" If the home is in foreclosure and you are not on the Note, that is a problem because you have nothing to negotiate with the current lender unless "she" gives them permission or works with you to keep the home. Sounds like a tough situation, best of success.... more
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Ask for a Vendor packet.
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It's a 1099C, not 1095, and the lender sends it to you (or may not). It is not something you can just get online or something. It is much to your benefit if they elect not to send you one as that is possibly tens of thousands of extra income to you and will bump you to a much higher tax bracket paying more in taxes.
Disclaimer: I am a Florida attorney and licensed Realtor. Information posted or made available on or through this site is not intended as legal advice or to create an attorney-client relationship between you and any attorney/our firm until officially retained. You should consult an attorney for advice regarding your individual situation since every case is different and not all information is relayed in an online question.... more
There are renovation refinance options out there...I don't know if that is a possibility for you or not. You could also sell it and let the new owner use a renovation loan to make all the repairs if you feel it won't pass inspection. You should weigh all of your options before foreclosure...I have seen people handcuffed by foreclosures for years and I always advise to look at every angle first.
Please let me know if I can help. I have been doing renovation financing for 24 years and if we can make it work or I can help you with an alternative I would be happy to help.
Best of luck to you,
Titan Home Lending