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If you purchase a USDA foreclosure house should you get a title opinion now or wait until you refinance in two years?


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2015-07-16 19:33:28
2015-07-16 19:33:28

You should NEVER purchase property without FIRST getting a title opinion or buying title insurance!

There could be liens that actually are larger than the amount you paid for the property. Without first having a title opinion or title insurance, this could become quite a costly venture. Further, when you refinance in two years, you will be able to get a re-issue credit on you lenders title policy because you have purchased owner's title insurance now.

A title opinion can usually be completed inside a week. The cost can vary but is usually under $1,000.00. Title insurance can be purchased in most states and the cost is often based on the value of the property. NEVER buy any real estate without one or both of these. It is a cheap way to be sure that you will not buy property and find yourself owing banks you've never heard of, or the ex-spouse of the seller for child support, or a carpenter that worked on remodeling the kitchen a year ago.


Related Questions

I don't think you can, you should try to get a mod- just say "bankruptcy" and see how helpful they will get.

Yes, and you should keep fighting to stay in your home until the foreclosure is final. Make every effort to contact and work something out with your lender. Right now the banks don't want any more repossessed homes if a refinance could help you repay your loan.

Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.

Every person should refinance their mortgage after five years.

You will most likely need to go to an auction to purchase any kind of equipment that has been repossessed in a foreclosure. There aren't really any direct sales without having to bid.

There are quite a lot of Refinance sites on the web I am including a couple , and this site

Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.

The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.

If somebody is looking to refinance their mortgage the first thing they should look at is how much they can afford to pay per month. Secondly, they should look at any fees involved with the refinance process.

As long as this was not a foreclosure and it does not show on your credit report, you should be fine. If it shows in your 12 month rental history it could also be a problem

You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.

There is no chance a bidder would be able to request a viewing of the property being auction of as a foreclosure! That having been said, buying property at a foreclosure auction is an experience unlike any other in purchasing real estate. Although it can be a risky venture, it can often also very lucrative. Consequently, while you should try to participate in a foreclosure auctions, first-time and inexperienced investors should tread very carefully. In contrast to an ordinary real estate sale, most times a potential buyer will not even be allowed to inspect or survey the property prior to the auction. Partially as a result of that, and owing partially to the fact that one will have to come up with the entire purchase price in cash over a short period of time, a purchaser at a foreclosure auction would likely have to find nontraditional financing and then later refinance to a more traditional mortgage. == == Yes-- there should be a realtor that is handling the sale although I have seen people just walk around looking in windows and trying doors.

One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.

There is no set rule on whether or not you should refinance your car loans before or after buying a house. This is your choice.

You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.

yes because you will be morgaged.

In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.

When I went through this they told me seven years, but it gave me trouble til 10 years to the day. At ten years and one day, it was like the world re-opened. the old loan which was in foreclosure, should show up as paid zero balance since you refinanced it. The loan and all of your late payments will still show up for 7 years.

When thinking about refinance options on car loans, you should consider the terms and hidden fees involved. You can get more information at or

A letter requesting the deed in lieu of foreclosure is written to the bank. You should explain the foreclosure situation and request the deed afterward.

First step is to calculate your monthly savings should you decide to refinance. Then you would need to ask your new lender to calculate your total closing cost for the refinance if you were to proceed.

It wouldn't show up as a completed foreclosure, but it would show up. It would say "foreclosure started" or "foreclosure initiated" or something to that effect.

You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.

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