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Home Buying in Narrowsburg : Real Estate Advice

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Tue Jun 3, 2014
Charlene Strack answered:
Lis Pendens is sometimes called a Notice of Default. It is a note from a lender indicating that the borrower has fallen two months behind on his payments. The receipt of this document begins the foreclosure process. The foreclosure is a process that transfers the right of home ownership from the homeowner to the bank or lender. A home goes into foreclosure when the owner stops paying his mortgage loan payments. The lender will repossess the home. However, the borrower still has the option to try to sell the home as a short sale. In a short sale the home that is listed for sale at a price lower than the amount owed on the mortgage. Homeowners hope to sell their home as a short sale to avoid penalties associated with going into foreclosure. The home is considered to be in pre-foreclosure from the time a lis pendens is filed until the property is sold at an auction. ... more
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Thu Feb 23, 2012
Anna M Brocco answered:
Any local agent can help you locate properties; do keep in mind that rent to own can be very risky and one could stand to lose a bit of money, therefore inform yourself well beforehand, and do consult with an attorney who specializes in real estate for all related paperwork. If you haven't done so, consider visiting with any licensed loan officer, see if you can purchase outright; there are other factors besides credit that determine mortgage qualification. ... more
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