Why would you want to assume payments on a home that is pre-foreclosure? Generally pre-foreclosure properties are worth less than the balance owed (mortgage, late fees, attorney fees, etc), which is why the current owners are not selling outright and paying off what is owed.
Plus, assuming payments does not equate to conveying title/ownership of the property. You could end up making a number of payments on behalf of the current owner and the property could still end up being foreclosed upon by the bank.
Before you do anything, please take any agreements you are about to sign to an attorney for review and get the full picture as to what can happen afterwards should you assume payments.... more
Don't sign up, rather work with an agent who can provide free information; be mindful that RealtyTrac's data may not always be accurate and oftentimes can be misleading--you could be looking at lis pendens properties--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner.... more
Absolutely not. and you're compounding mistakes. Under no circumstances should you be looking at foreclosures or thinking rent to won as both are among the worst real estate moves any buyer can make. I'm attaching articles on both and encourage you to read them and stop dreaming about foreclosures or rent to own as both will be nightmares should you actually get involved with either.
To get the best interest rate on a commercial loan, a buyer would have to make a downpayment of 20% of the sale price. Nevertheless, depending on the borrower's credit, a down payment could generally be as low as 5%. The amount of down payment and other terms required on FHA and VA loans are more flexible. On an FHA loan right now, 3.5% is acceptable.... more
Each bank has different guidelines whether they will or will not offer incentives. You should really try a short sale before a deed in lieu. If you are at your last straw, then deed of lieu is better than a foreclosure, but a short sale is better than a deed in lieu as you can negotiate more of the terms. Make sure you are speaking with home retention and not the collection department,... more
The property tax will be or should be figured on the new sales price of your home. You will need to be aggressive with the appeals process to make them change the appraised value of your home if it is more than your purchase price, most of the time a copy of the contract maybe sufficient to get this done. They have not been doing things automatically especially if it means they will get less revenue so your involvement with the county will be extremely important. This anwer is only from personal experience and should not be considered the "letter of the law".... more
Basically.....if the bank has indeed foreclosed and there a big difference between being "in the foreclosure process" and being "foreclosed" your seller would no longer own the property and not be able to sell it. If it has been foreclosed....the new owner is the lender!
Foreclosure and my exif my exhusband was given our home in our divorce, he is the only one on the mortgage i never was, but we are both on the deed, why am I getting calls from the attorney to appear in court