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Yes, that is a very common transaction and the financing can be up to 100%.

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10y ago

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What happens to the direct deposit of my payroll if my house is foreclosed?

Nothing happens. You still get the money in your account. They just want the house, not your money.


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.


Who do you contact to get the excess money after foreclosure auction?

You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.


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.


What happens if the home fails to sell at the foreclosure auction?

by definition, a foreclosed property has to have someone file the foreclosure usually due to them being owed money and the property is security on the property. This is not cheap or free. Hence, there is always a "buyer" out there which is often the lender.


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Do you need a license to buy foreclosed property?

No license is needed when buying foreclosed property mainly because nothing special is needed to buy property. When a bank auctions off a property all you need is money to buy that property and nothing else


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