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Osceola : Real Estate Advice

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Thu Mar 15, 2012
It isn’t a problem as long as it isn’t used as down payment or to pay costs associated with the loan. If it is refunded to you at closing then it is no different than going to the bank and borrowing money because you just felt like it, it’s a free country. The payments on the loan must be included in your debt ratio. Rural Housing makes a 100% loan, no down payment needed, you can have the seller pay all of the closing cost and pre-paids. Not even one dollar of the borrowed money can be used if the loan was unsecured. If you secured it somehow, like borrowed against a car, that could be used. I hope this insight is helpful, good luck, ... more
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Tue Nov 24, 2009
Team Perzacki answered:
There should be a record at your County Courthouse of the Sheriff's Sale. You should have also been recieving notices through the mail of pending dates of the foreclosure and the auction.
The home WILL be sold at auction ~ whether it is sold to a private party or back to the bank that holds your mortgage. Either way they will need you to vacate the property.
There is a redemption period after the Auction, (in Milwaukee County it is 2 weeks ~ it may be the same state wide) during this time you have your last chance to come up with the money and a plan with your lender to prevent the eviction. You must contact your mortgage company to make arrangements.
You will be notified by the Sheriff and likely be evicted by the Sheriff on the last day of the redemption period. Plan ahead, don't wait until the last day.
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