Generally, no. Foreclosed property is often in poor condition since the owners did not have the resources, nor sometimes the experience or motivation, to properly maintain the property. Therefore it is often worth much less than the amount owed on the mortgage. The condition deteriorates further when it stands empty for a long period of time. Legal fees relating to the foreclosure can be costly and are often not recovered from the sale of the property or the former owner.
Your credit will be affected negatively with a possibility of your credit score dropping 200 or more points. Not sure if you are in foreclosure now but if you are not make sure to communicate with your banks regarding your situation to prepare for other options and at least the banks will be aware.
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
There are many different banks out there. The one with the best foreclosure refinance services is Bank of America. If you contact Bank of America and explain your situation, they will try and help you find an alternative. It depends on if you want to stay in your home, or if your willing to sell it.
To find good information about Foreclosure investing, go talk to a bank. Banks no everything about investing, and can answer any questions you have on the subject. Also, go find a Foreclosure representative. He can help you with finding good information.
yes, up to what the policy limits are which is typically the entire amount.
Lenders will occasionally have foreclosure auctions. Homeowners will often sell their property to avoid foreclosure.
NO.
The first step is to contact your bank or mortgage company. Many banks will work with customers to avoid foreclosure.
Bank of America has a Foreclosure listings for properties on their website www.bankofamerica.com. The have great lending programs to help suit your needs.
Your credit will be affected negatively with a possibility of your credit score dropping 200 or more points. Not sure if you are in foreclosure now but if you are not make sure to communicate with your banks regarding your situation to prepare for other options and at least the banks will be aware.
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
There are many different banks out there. The one with the best foreclosure refinance services is Bank of America. If you contact Bank of America and explain your situation, they will try and help you find an alternative. It depends on if you want to stay in your home, or if your willing to sell it.
To find good information about Foreclosure investing, go talk to a bank. Banks no everything about investing, and can answer any questions you have on the subject. Also, go find a Foreclosure representative. He can help you with finding good information.
yes, up to what the policy limits are which is typically the entire amount.
All businesses need a business license for foreclosure cleanups. Generally you do not need to be bonded, but you will need the general liability insurance. Go down to your local city or county offices and apply for a business license, they are usually under $100 to get one. The banks also require this and general liability insurance to perform foreclosure cleanup services for them. There is a Foreclosure Cleanup Business Start up training guide that provides step by step foreclosure cleanup startup information, we got it when we started our Foreclosure Cleanup Business from the website above and was very helpful, it includes the hud guidelines, you will definitely need these to know how to price your foreclosure cleanup jobs accurately and a complete bank contact list of banks and reo asset management companies hiring foreclosure cleanup vendors so you can sign up directly with the banks to start getting foreclosure cleanup jobs. I would also recommend joining the Foreclosure Cleanup Network, there is alot of free information on there for the Foreclosure Cleanup Business and you can get work from the Reo agents on this site. And it's all free. Good luck. Check with a lawyer and the local authorities.
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
Pre-Foreclosure is a term the banks use internally to track the property's status. Essentially, what it means is that the home has already gone into default and a Notice of Default has been recorded. Pre-foreclosure is the time between the NOD filing and the Filing of the Notice of Trustee Sale.