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When buying a forclosure home what is the definition of foreclosure?
Wiki User
∙ 11y ago
Foreclosure is a horrible thing to happen to anybody. With economy so bad recently different procedures are being done so then there are not so many homeless families. The definition of foreclosure is when the bank or business takes possession of a mortgaged property, resulting in making a family leave the premises.
Wiki User
∙ 11y ago
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How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years. Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
What happens after foreclosure?
After Foreclosure, One should find a decent, affordable place to live and to start rebuilding credit.The best way to plan the next step, is to learn as much as he can about the rental and home buying options after foreclosure.
Can someone really benefit from buying a foreclosure home?
Yes, the buyer can get the property for an extremely lower price than what its probably worth.
Can you re-fi your primary home after losing an investment property to forclosure?
Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure. Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure.
Can you rent out your home while home is in foreclosure?
Yes you can, but in most states you have to tell the potential tenant about this foreclosure.
How long do you have to vacate your home after foreclosure in Georgia?
In Georgia, homeowners typically have about 30 days to vacate their home after a foreclosure sale. It's important to check the specific timeline outlined in the foreclosure notice received from the lender to understand the exact timeframe.
How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years. Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
Im going thru a forclosure in the mean time is thier someone who would give me a home loan on a different home out of state ?
If you are currently in foreclosure you are very unlikely to get another mortgage in the current lending environment. I suggest you look for a place to rent.
How would one go about buying a foreclosure home in Denver?
The first step in buying a Denver foreclosure property is to get a hold of foreclosure listings. Once neighborhood property values have been assessed, Denver investors will want to drive by the home to view its conditions. The trustee will read each bid that is entered for all to hear, ultimately transferring the property to the highest bidder.
What to do after foreclosure?
After foreclosure, your top priority should be to find a decent, affordable place to live and to start rebuilding your credit. The best way to plan your next steps is to learn as much as you can about your rental and home buying options after foreclosure.
What happens after foreclosure?
After Foreclosure, One should find a decent, affordable place to live and to start rebuilding credit.The best way to plan the next step, is to learn as much as he can about the rental and home buying options after foreclosure.
The home buying center?
The Home Buying Center is a house buying company there website is http://www.thehomebuyingcenter.com They also sell foreclosure houses cheap. My friend Bob used The Home Buying Center and bought a house way less than through a real estate agent.
What is the generic way to avoid forclosure?
The generic way to avoid forclosure is to refinance or get an additional loan float to keep the home from forclosure. This allows the individuals to maintain in their homes as well as allows the banks to receive a higher yield, versus the forclosure amounts.
Can someone really benefit from buying a foreclosure home?
Yes, the buyer can get the property for an extremely lower price than what its probably worth.
What information should you ask when buying a home in foreclosure?
You'll need assurances that there are no other leins or encumberances. A title insurance company will help you there.
Can you re-fi your primary home after losing an investment property to forclosure?
Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure. Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure.
How will a va forclosure effect my credit?
I think it is safe to say that a forclosure of any type will destroy your credit worthiness. A home lone should be the last possible thing you let slide.
