"realestate question foreclosure"

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"realestate question foreclosure"
 Posted by sweetbaby12 on Jul-06-05 at 01:42 PM (Eastern)
Posted on Jul-06-05 at 01:42 PM (Eastern) by 68.1.104.242

we live where a 3 bed 2 bath is 131-145,000 morethan i think we can afford anyway is foreclosure worth it? some realtor
say yes some say no we don't have a lot to repair one though we live in a 2 bed 2 bath mobile home but i wnt to separate my boys 11 and3 they would be happier that way if possible any suggestions ?
we are in ft walton beach florida

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1 . "with around 1,ooo sq feet "
 Posted by sweetbaby12 on Jul-06-05 at 01:43 PM (Eastern)
Posted on Jul-06-05 at 01:43 PM (Eastern) by 68.1.104.242

767667

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2 . "Foreclosure is worse than a bankruptcy for your credit"
 Posted by Sara_s_Mom on Jul-06-05 at 01:57 PM (Eastern)
Posted on Jul-06-05 at 01:57 PM (Eastern) by 162.83.122.103

You can always try to sell your house first. You could try to sell it yourselves and see what happens. Skipping a realtor for you means skipping their 6% fee, which would be $8,400 on a $140,000 home (that is 6%, some realtors charge 7%). You could talk to your bank about a short sale, which basically would mean that they would take whatever you could get out of the house as payment in full for the mortgage. Just a thought...

How much do you owe? Some lenders would take a deed in lieu of foreclosure, meaning you deed it back to them and they don't foreclose. How far behind are you? Most of the time, you're 3 months behind before you get notice that they want to foreclose. Those forms usually say you can request a face to face meeting (which you should do, because that prolongs how long you would get to stay in the house).

Then, of course, there is always bankruptcy. In bankruptcy, the lender would get the house back, but they would have to get permission to foreclose first. People use this to stay in their houses too, since it takes time to get a bankrutpcy through, let alone a foreclosure action once they get permission to proceed. If you have a lot of consumer debt (credit cards) or medical debts, you should consider consulting an attorney, as the bankruptcy laws are changed and go into effect in a few months, making it much harder for people to get a bankrutpcy so easily.

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3 . "I may have misread what you were asking..."
 Posted by Sara_s_Mom on Jul-06-05 at 02:00 PM (Eastern)
Posted on Jul-06-05 at 02:00 PM (Eastern) by 162.83.122.103

if you mean that you want to buy a foreclosed property, it will probably be hard since 99% of the time, the bank who is foreclosing buys the property back at the sale. (I worked for an attorney who went to bid on these types of houses probably about 4 times a year). The bank, of course, has more money than you, so they usually win out. Then, what they do, is list it with a realtor. If you were interested after the sale, they may sell it to you without listing it with a realtor (this saves them money) so they may not want the whole enchilada, if you know what I mean.

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4 . "yes we want to buy one "
 Posted by sweetbaby12 on Jul-06-05 at 02:14 PM (Eastern)
Posted on Jul-06-05 at 02:14 PM (Eastern) by 68.1.104.242

hjhjk

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5 . "look into FHA we brought our first home with $1500 down I sold me car for it "
 Posted by teener on Jul-06-05 at 03:00 PM (Eastern)
Posted on Jul-06-05 at 03:00 PM (Eastern) by 69.69.68.46

>Posted on Jul-06-05 at 01:42 PM (Eastern)
>by 68.1.104.242we live where a 3
>bed 2 bath is 131-145,000 morethan
>i think we can afford anyway
>is foreclosure worth it? some realtor
> say yes some say
>no we don't have a lot
>to repair one though we live
>in a 2 bed 2 bath
>mobile home but i wnt to
>separate my boys 11 and3 they
>would be happier that way if
>possible any suggestions ? we are
>in ft walton beach florida


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6 . "try Freddy Mac"
 Posted by miasmomma on Jul-06-05 at 04:03 PM (Eastern)
Posted on Jul-06-05 at 04:03 PM (Eastern) by 68.63.229.183

Its like Fannie Mae, but often sell homes that are foreclosed for whatever they can get for them. Try Fannie Mae and HUD for homes. Look for realtors that specialize in foreclosures. If you do find a home through one of these ways, don't be afraid to give a "low ball" offer unless the market is Extremely HOT! I know of people that have made offers of 25% of the asking price, then receive a counter offer of 75% of asking price, then reoffer 30% of asking price, and back an forth until they bought the home for less than 50% of the asking price. Just don't get discouraged or feel rushed into buying something you're not sure you want. Take your time and you will eventually find a home that you can love. GOOD LUCK!


If we've traded, please leave feedback! TIA

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7 . "thanks all see inside"
 Posted by sweetbaby12 on Jul-06-05 at 04:13 PM (Eastern)
Posted on Jul-06-05 at 04:13 PM (Eastern) by 68.1.104.242

there is one here 120,000 that will be completed in november we are looking at thanks for information
we will probably have to use va loan.paula

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8 . "well if you dont think"
 Posted by Snoopy264 on Jul-06-05 at 05:32 PM (Eastern)
Posted on Jul-06-05 at 05:32 PM (Eastern) by 24.117.162.196


you can afford a house could you maybe look for a bigger trailer when I lived in a trailer mine was 3bedrooms & 2 baths it was nice too & very cheap I loved living thier.

my ebay auctions

http://search.ebay.com/_W0QQgotopageZ1QQsassZabcpillowincQQsosortorderZ1QQsosortpropertyZ1

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9 . "Be careful with how much money you spend...more inside"
 Posted by mmj2236 on Jul-07-05 at 08:39 PM (Eastern)
Posted on Jul-07-05 at 08:39 PM (Eastern) by 65.175.162.27

right now banks are very willing to extend credit to you that is more than you can afford and many of these same banks have very quick foreclosure policies..as in you miss one or two payments and they take the house bank. So if you are worried about making the mortgage payment before you buy a house see how hard it would be to set that much money aside including property tax and mortgage and homeowners insurance and additional utilities(include whatever you are paying now for those things as part of it so you only have to try and save the difference between your current and future payments). If in the few months you see that you really can't make the payments, then save your money for a while longer and wait to buy until you are sure you can make the payments.

From everything I am reading lenders are praying on people who really can't afford to buy and putting them into loans that are interest free or extended term. The only people who make out with those loans are the banks. There are also alot of new early payment penalty loans, so if you try an pay them off or remortgage etc. you get whapped with a serious $$ penalty.

So be a smart consumer and read the fine print on your loan so that you can get into a home that you can actually enjoy instead of having to worrying over payments etc.

Good Luck,
Michelle

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