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Foreclosure in Wisconsin : Real Estate Advice

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Activity 102
Sat Apr 2, 2011
Pam Winterbauer answered:
Susan....

I would work on increasing my credit score. 100% percent financing with a credit score under 720 is next to impossible.

You might be able to get a FHA loan with your current credit score if you had a 3% down payment. Your best bet is to increase that credit score to work towards getting a good loan. ... more
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Tue Sep 4, 2007
Ute Ferdig - Atty. Negotiator answered:
A foreclosure is the process that a bank/lender goes through when the borrower falls behind on making mortgage payments. Foreclosure procedures vary from state to state. Some states allow the lender to come after the borrower for the deficiency amount a (i.e., the property is sold at auction for less than what the borrower owed). In California lenders will usually not hold the borrower personally liable and they are limited to what they can get at the auction. That's the most common scenario in CA. There are judicial and non-judicial foreclosure. The first requires the lender to obtain a court judgment before they can foreclosure, the latter allows the lender to foreclose following certain legal procedures and timelines. Because getting a judgment is typically a lengthier process, lenders usually prefer the non-judicial foreclosures. I think http://www.realtytrac.com has some good information about foreclosures. You can also go to http://www.foreclosurelaw.org to get information. I hope this helps ... more
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