This link is for a booklet called Tenants Rights in Foreclosure. It should answer most of your questions. Otherwise I would highly recommend you talk to an attorney. Your deposit is supposed to be transferred to the new owner, whether a new buyer or the bank, and returned to you and if it is not you should have legal recourse. I am also not sure it is even legal to offer cash for keys to a renter in New Jersey. An attorney will know for sure, though, so consult one with questions.... more
This is a great question. However, it was probably missed because it was posted into "All Locations" instead of "Shreveport, LA". To get more answers, I'd recommend that you repost your question here: http://www.trulia.com/voices/Shreveport-Home_Buying-10002-34158
It does not matter if you will buy a home that previously was in foreclosure or one that is owned by Mr Jones or one being built tomorrow. That all is meaningless. You need a loan to buy something and the lender will have rules they must follow to offer you a loan. Go speak with a lender to see what they can offer you, speak to a couple.... more
Pre-forclosure is more than likely going to stay with you for 10 years. If you're credit is run, it'll show that you didn't pay your mortgage. This will be a red flag. But keep in mind, if you are caught up and pay everything you owe (i.e. credit cards, mortgage, taxes, etc) for the next 2 years you're credit score will be in good standing and it more than likely will not be an issue. I know this as a family member of mine with through the exact same thing. After two years of struggling to get everything back, they were able to get a car and begin again on a good path.
It is not difficult but does require you to learn and understand how the auction works. Find out of the bidder is responsible for any back taxes, HOA fees or liens? Find out if the home is occupied and if the high bidder will have to evict the occupant. You then need to assess what the home is worth and deduct for liens, evictions and the risk of not seeing what damage could exist in the interior... more