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Can you buy a foreclosed home with no money down and poor credit?
Wiki User
∙ 15y ago
Unlikely. Sorry to have to say that because by the nature of your asking the question, I suspect you are wanting to make money by buying real estate foreclosures. At least here in Texas, when you are buying a house at a foreclosure auction, who pay for the house right there at the sale - cash or cashiers check. That is not quite 0 down. The people who tout make money with no money down are telling you to leverage or borrow from family members to get the money. You are just delaying the risk or spreading it around then. I have made money in real estate, but not in foreclosures. I invest and work with several businesses. I have a few articles that speak to these as well as my foreclosure experiences. I spent a year trying to buy foreclosed homes and gave it up because I could not find a deal that made sense.
Wiki User
∙ 15y ago
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Is it possible to buy a foreclosure with no money down?
You can get information on foreclosed home auctions from banks that own mortgages like Bank of America, Wachovia, Chase Manhattan, Wells Fargo, Citibank, and your local credit unions.
Were being foreclosed on will the bank come after us if you take out the cupboards and vanities?
were being foreclosed on our home. will the credit union come after us if we take out the cupboards and vanities?
How long does it take a foreclosed house to get off your credit record?
A foreclosed home can take seven years before it is taken off your credit report. You can build your credit back up in about three years if you continue to pay all your bills on time.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
What are some benefits of buying a foreclosed home?
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
Is it possible to buy a foreclosure with no money down?
You can get information on foreclosed home auctions from banks that own mortgages like Bank of America, Wachovia, Chase Manhattan, Wells Fargo, Citibank, and your local credit unions.
Were being foreclosed on will the bank come after us if you take out the cupboards and vanities?
were being foreclosed on our home. will the credit union come after us if we take out the cupboards and vanities?
How long does it take a foreclosed house to get off your credit record?
A foreclosed home can take seven years before it is taken off your credit report. You can build your credit back up in about three years if you continue to pay all your bills on time.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
What are some benefits of buying a foreclosed home?
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
What happens when you have 2 homes one in your name and one in yours and your wife's name and the first one gets forclosed on?
You lose that home, whoever had their name on the foreclosed home has a blight on their credit, and will be liable for any money not covered by the eventual resale of the home by the lender. Nothing happens to your other home.
Where could one find information on how to buy a foreclosed home?
One could find information on how to buy a foreclosed home online. Some of the useful websites are Bankrate, Zillow, Wells Fargo, Kiplinger and Money Crashers.
What are the advantages of buying a foreclosed home?
You could buy foreclosed home below market value, ranging from 10%-50%. With this you could save a lot of money and if you decide to sell your newly purchased property you will have huge returns from your investment.
In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
My Credit score is 764 what rate should I expect to be getting for a home mortgage with no money down or can I even qualify for such a loan?
I have the exact same credit score but with about $10,000 to put down. How did you do?
You purchase windows for a home you owned it has since foreclosed do you still have to pay for windows?
Yes you do, unless you want a bad mark on your credit report!!!
Can someone buy a foreclosed home by obtaining a loan from a bank and not putting any money down or would they have to use some of their own cash?
Yes, that is a very common transaction and the financing can be up to 100%.
