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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?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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Can you refinance your home if it's in the early stages of foreclosure?
I don't think you can, you should try to get a mod- just say "bankruptcy" and see how helpful they will get.
Can I refinance a residential loan once foreclosure proceedings have started?
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.
How do you refinance a house that you owe more than it's worth?
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.
Where should one buy home foreclosure equipments?
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.
Every person should refinance their mortgage after five years.?
Every person should refinance their mortgage after five years.
Do you have a chance to inspect property you are considering for purchase at a foreclosure auction prior to the auction?
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.
Can you purchase a home with an eviction?
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
If you were in foreclosure but were able to refinance the home before the foreclosure went through how long will this stay on your credit report?
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.
How can get the information about refinance rates?
There are quite a lot of Refinance sites on the web I am including a couple www.tdcanadatrust.com/Refinancing , and this site www.calcxml.com/calculators/should-I-refinance-my-mortgage
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
If someone is looking to refinance mortgage what is the first tip they should follow?
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.
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
